Adani Group Acquires Prime Land on Mumbai’s Carmichael Road, Pays Over ₹10.46 Crore in Stamp Duty

Adani Group Acquires Top Land on Mumbai’s Carmichael Road, Pays Over ₹10.46 Crore as Stamp Duty
Mumbai: The Adani Group has made a strategic acquisition to reinforce its real estate footprint by purchasing a precious land parcel on Carmichael Road, one of the most prestigious and expensive areas in South Mumbai. The transaction, done through its subsidiary Mah-Hill Properties, is for a 2,760-square-foot plot where an old residential cottage stands.

The deal, done on March 27, was sealed with a stamp duty consideration of over ₹10.46 crore, according to documents on property registration accessed by real estate data analytics firm CRE Matrix. The deal reflects the Adani Group’s increasing thrust in high-end realty assets and further solidifies its foothold in India’s high-end property market.

The property seller, The Times of India reports, is Behram Nowrosji Gamadia, an inheritor of a plot from his early 20th-century days. The size of the total plot is said to be around 4,500 square meters. The purchase was approved by the board of directors at Mah-Hill Properties, the registered address of which is Adani Corporate House, Ahmedabad.

Although the sale has been finalized, the Adani Group has not disclosed its particular development plans for Carmichael Road property.Speculation is pending as to whether the site will be developed as a luxury high-rise residential apartment complex or left in a heritage-style bungalow format. Industry observers expect any future development, if planned, to be subject to market demand as well as strategic considerations in one of India’s most sought-after real estate locations.

Interestingly, acquisition of the property came following a series of court battles. Only after terms of agreement over consent were resolved in court was the deal struck, making room for Mah-Hill Properties to take control. The deal is testament to Adani Group’s prowess to combat complex legal and regulatory situations in acquiring prime assets to take over.

Carmichael Road, also named M L Dahanukar Marg, is located in the upscale Malabar Hill area of Mumbai. It is a locality famous for ultra-luxury homes, scarcity of land, and views of the Arabian Sea. The locality is inhabited by well-known business tycoons, politicians, and industrialists and is near the official bungalow of the Municipal Commissioner of Mumbai.

With some of the costliest realty rates in India, Carmichael Road remains an epitome of legacy, exclusivity, and luxury. The Adani Group’s entry into this luxury enclave reaffirms its intentions to grow realty investments and footprint in India’s prime realty market.