Mumbai Real Estate 2024: Top 5 Land Deals Exceeding ₹2,500 Crore
Mumbai, India’s financial capital and the most expensive real estate market, witnessed five significant land transactions in 2024. Despite being land-starved, these deals reflect the city’s enduring appeal for premium real estate development, with a combined value surpassing ₹2,500 crore. Here’s a closer look:
1. Century Textiles Acquires 10 Acres in Worli for ₹1,100 Crore
In September 2024, Century Textiles and Industries Limited (CTIL) purchased a 10-acre leasehold land parcel in Worli from Nusli Wadia for ₹1,100 crore. This prime location will be developed by its subsidiary, Birla Estates Pvt Ltd, into a luxury real estate project with an estimated revenue potential of ₹14,000 crore.
2. Runwal Group Buys Nerolac Paints Land for ₹726 Crore
In October 2024, Kansai Nerolac Paints finalized the sale of its Lower Parel land parcel to Runwal Developers for ₹726 crore. Runwal Group plans to develop a luxury residential project here, targeting a revenue potential of around ₹8,000 crore.
3. Shapoorji Pallonji Sells Juhu Land Parcel for ₹455 Crore
Shapoorji Pallonji sold a 19,589.22 sq ft land parcel in Juhu to Agarwal Holdings Private Limited for ₹455 crore in November 2024. This prime location is expected to attract high-end real estate development.
4. Mahindra & Mahindra Sells Kandivali Land for ₹210 Crore
In July 2024, Mahindra & Mahindra sold a 20.5-acre land parcel in Kandivali to Blueprintify Properties Pvt Ltd, part of the Pune-based Rucha Group, for ₹210 crore. The deal, registered on July 24, reflects the increasing demand for suburban land parcels in Mumbai.
5. Equinix India Purchases Chandivali Land for ₹155 Crore
US-based data center firm Equinix India acquired a 5,597 sq m (1.38 acres) land parcel in Chandivali for ₹155 crore in November 2024. The property includes a 5,386 sq m built-up area and will enhance Equinix’s data center capabilities in Mumbai.
These top five transactions highlight the demand for premium land in Mumbai despite its land scarcity and high costs. With ambitious development plans, these projects are set to reshape the city’s real estate landscape in the coming years