Adani Group buys 1.1-acre plot in Mumbai's Carmichael Road for Rs 170 cr

Adani Group has secured a prime land parcel in the prestigious Carmichael Road area of South Mumbai for over Rs 170 crore. The acquisition, executed through its subsidiary Mah-Hill Properties, covers a sprawling 1.1-acre plot, currently home to a 2,760 sq ft residential cottage. This deal, finalized on March 27, 2025, also saw the buyer paying over Rs 10.46 crore in stamp duty, showed documents accessed by  property consulting firm CRE Matrix.

 

The land, one of the few large freehold plots available in the exclusive Malabar Hill locality, holds immense potential, though the intended development remains unclear. 

 

Carmichael Road, renowned for its luxury residences and proximity to major business hubs, remains one of India’s most coveted addresses, making this acquisition a strategic investment in Mumbai’s real estate market.

 

 

According to registration documents sourced by CRE Matrix, Behram Nowrosji Gamadia, who inherited the property that goes back to the early part of the 20th century, sold the 4,500 sq m plot to Mah-Hill.

 

The plot is located close to the municipal commissioner's  bungalow on Carmichael Road.

 

The plot, which measures around 4,500 square metres, was inherited by Behram Nowrosji Gamadia, whose family has owned the land since the early 20th century. Originally earmarked for a children’s park in the 1991 Development Plan, the plot’s designation was changed following revisions made by the Brihanmumbai Municipal Corporation (BMC). Under the current Development Plan 2034, the land is now classified for residential use. 

In October 2024, KKR India CEO Gaurav Trehan  bought a sea view luxury apartment in Morena House project in South Mumbai's Carmichael Road, for Rs 88 crore from JSW Realty, documents accessed by Zapkey showed. The apartment is spread over a carpet area of 5381 sq ft and the per sq ft price of the property works out to be Rs 1.63 lakh, making it one of the costliest property transactions in the country. The deal was registered on October 18, 2024, the documents showed.

 

In June 204, Nadir Godrej of Godrej Industries had purchased three luxury apartments for Rs 180 crore in Ruparel House, Malabar Hill, in south Mumbai, according to documents accessed by Zapkey.com.

 

In April 2024, Macrotech Developers, also known as Lodha Group, had sold two apartments in its luxury project Lodha Malabar on Walkeshwar Road, Malabar Hill, one of Mumbai’s posh areas, for Rs 270 crore to the chairman and managing director of Wellknown Polyesters Ltd, Anil Gupta, documents accessed by IndexTap showed.