MUMBAI – In a move that underscores the insatiable demand for ultra-luxury housing in India’s financial capital, realty major Lodha Developers (Macrotech Developers) has finalized an agreement to acquire development rights for a massive 4.3-acre land parcel in the elite Malabar Hill neighborhood.
The deal, executed on January 7, 2026, involves a strategic partnership with the Sorabji Kanga Charity Trust. The transaction is set to transform one of the last remaining large contiguous land pockets in South Mumbai into a high-end residential landmark with an estimated revenue potential of approximately ₹2,800 crore.
The financial blueprint
According to property registration documents, Lodha paid a consideration of ₹106.12 crore for the development rights, alongside a stamp duty payment of ₹37.42 crore. To ensure project security, the developer has provided a security deposit of ₹125 crore and a bank guarantee of ₹40 crore.
The partnership follows a revenue-sharing model:
- Lodha Developers: Will hold a 57.5% share of the total Floor Space Index (FSI), equating to over 36,000 square meters of development potential.
- The Trust: Will retain a 42.5% share. As part of the non-monetary consideration, the trust will receive an independent building comprising 54,000 square feet of RERA carpet area and 150 dedicated parking spaces.
Redefining the hilltop skyline
The 17,403-square-meter site currently houses six bungalows and a chawl. While the developer plans to redevelop these structures, an existing residential tower on the plot, Palacimo Co-operative Housing Society, will remain excluded from the current redevelopment exercise.
The project is expected to be completed within a five-year timeline. Given the location’s prestige—home to top industrialists and diplomats—market experts anticipate the project will feature “palaces in the sky” with panoramic views of the Arabian Sea.
Strategic expansion
This acquisition is a cornerstone of Lodha’s aggressive growth strategy for the 2025-26 fiscal year. Earlier this month, the company also signed a ₹364 crore agreement for a 10-acre plot in the Parel–Sewri belt. With Malabar Hill commanding some of the highest real estate prices in the world, this deal ensures Lodha remains the dominant player in the “ultra-luxury” segment of the Mumbai market.
Also read – Raymond Realty announces massive ₹5,000 crore residential project in Wadala
Disclaimer – This article is for informational purposes only and does not constitute financial or real estate advice. Readers should verify official documents and consult experts before making investment decisions.
Source – Hindustan Times
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