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Landmark Developers & Sobha Ltd Acquires 2.11 Acre Land Worth ₹423 Crore in Parel, Mumbai

Landmark Developers & Sobha Ltd Acquires 2.11 Acre Land

In a major real estate transaction, Landmark Developers and Sobha Ltd. have acquired a 2.11-acre land parcel on Jerbai Wadia Road for ₹423.38 crore, according to property registration documents accessed by CRE Matrix. The deal was registered on January 23, 2025, paving the way for new luxury residential and commercial spaces.

The total agreement value for the land acquisition was ₹212.06 crore, along with a stamp duty payment of ₹10.60 crore. The sale was a partnership, with each developer receiving a share of the project’s free-sale component. Sobha Ltd. secured a larger portion of the free-sale component, 21,621.24 sq. mtr for ₹211.32 crore, while Landmark Developers acquired 10,953 sq. mtr for ₹212.05 crore. 

Landmark Developers and Sobha Ltd.’s Parel land acquisition is expected to significantly contribute to the area’s high-end real estate landscape, potentially delivering luxury housing, retail spaces, and commercial offices. Their collaboration highlights the dynamic changes shaping Mumbai’s Central Business District.

This Parel land deal, according to industry experts, points to strong developer interest in prime Mumbai sites, especially for large redevelopment projects aimed at optimizing land use in the city.

Recent land transactions in Mumbai 

Mumbai’s real estate market is experiencing exponential growth in land transactions, driven by several key factors. Firstly, the city’s limited land availability and high demand for housing and commercial spaces make redevelopment projects crucial. Developers are increasingly focusing on these projects to maximize space utilization and cater to the growing population. Additionally, the ongoing infrastructure development in the city, including new transportation networks and commercial hubs, is further adding to the demand for land in strategic locations.

In a recent land transaction, K Raheja Corp shelled out Rs 466 crore for 5.7 acres in Mumbai’s Kandivali.  In another transaction, Equinix India bought 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore. 

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Kalpataru Secures 7.5-Acre Redevelopment Projects in Mumbai Worth Rs 2,000 Crore Revenue

Kalpataru Secures 7.5-Acre Redevelopment Projects in Mumbai

Kalpataru, a prominent real estate developer, has signed contracts for two sizable housing society projects in Chembur and Goregaon in Mumbai. With a combined development area of more than 1.5 million square feet, these projects have a potential revenue of more than ₹2,000 crore. It is anticipated that the projects will be finished 42 months after construction begins.

Kalpataru has signed individual agreements and obtained approvals from current members for the redevelopment of two important housing societies: The five-acre Suman Nagar Housing Society in Chembur will replace ten existing residential buildings with six contemporary towers, providing about 350 new flats and a saleable carpet area share of more than 4.20 lakh sq ft. 

Located close to Link Road and the Bangur Nagar Metro station, the 2.5-acre Goregaon Housing Society consists of the conversion of eight residential structures into three towers with 18 habitable stories. With a saleable carpet area of over 2 lakh square feet, the project can house 200 units. According to documents accessed by CRE Matrix, Kalpataru has already paid roughly ₹27.60 crore in stamp duty to register these agreements.

Since its founding in 1988, Kalpataru has established a solid reputation in Mumbai’s redevelopment industry. The company has completed eight projects in desirable neighborhoods like Byculla, Sion, Bandra, Juhu, Andheri, and Santacruz. The company now oversees four rehabilitation projects in Santacruz, Bandra, and Matunga, and three more are planned for Juhu, Borivali, and Andheri.

The renovation of old housing societies is an important aspect of Mumbai’s real estate market because of the city’s land limits. The Maharashtra government has actively supported such initiatives by introducing policies to ease the financial burden on residents. In 2023, the state government decided that members of housing societies getting redeveloped would only have to pay a small stamp duty of Rs 100 for the permanent housing they were given, while the conveyance laws would charge the principal agreement between the developer and society.

Recent Transactions

Kalpataru’s latest redevelopment ventures in Chembur and Goregaon mark another milestone in Mumbai’s real estate sector. As redevelopment continues to be a driving force in Mumbai’s property market, projects like these pave the way for a more modern and sustainable urban landscape.

In a recent transaction, Kanakia Spaces Realty Pvt Ltd acquired development rights for two old buildings in Borivali, Mumbai, worth ₹208.53 crore.
 
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Mahindra Logistics Secures Long-Term Lease for 500,000 Sq Ft Warehousing Facility in Pune

Mahindra Logistics Secures Long-Term Lease for 500,000 Sq Ft Warehousing Facility in Pune

Mahindra Logistics, a prominent supplier of third-party logistics (3PL) solutions and part of the Mahindra Group has secured a long-term lease for 500,000 square feet of space in the Khed neighborhood of Pune according to documents accessed through CRE Matrix. With a total warehouse portfolio of more than 22 million square feet, the company has solidified its place as a significant player in India’s rapidly expanding logistics sector.

The warehouse, which is situated in Karanje Emerald Industrial Park, is leased for ₹1.15 crore a month for five years. A 5% annual rental escalation is included in the agreement after the first two years. To secure the lease, Mahindra Logistics registered the agreement on January 20 and gave a security deposit equal to three months’ rent. Although rental payments will begin on April 3, the license period formally began on January 3.

As per the agreement, the lease rentals are exclusive of Goods & Services Tax (GST), which will be borne by the tenant. However, the rentals do cover common area maintenance charges, with any additional utility or service costs falling under the tenant’s responsibility.

Mahindra Logistics has a strong presence in several important Indian marketplaces. This recent lease demonstrates the company’s dedication to expanding operations in response to rising demand. The company has stated that it currently manages over 22.1 million sq ft and continues to explore and assess new growth opportunities. Delivering outstanding value to stakeholders and customers, fostering innovation, and securing its position as a pioneer in integrated logistics solutions continue to be its top priorities.

A rise in e-commerce, changes in supply chain tactics, and the demand for effective distribution networks have all contributed to the notable expansion of India’s storage sector. 3PL businesses like Mahindra Logistics are growing to serve sectors like consumer products, retail, automobiles, and pharmaceuticals. The industry’s quick development is further facilitated by the move toward structured storage and the use of technology-driven solutions.

Recent Transactions

As businesses place more emphasis on well-located warehouses, Mahindra Logistics’ growth in Pune reflects the sector’s increasing significance in optimizing supply chains and facilitating a range of commercial activities. 

In a similar transaction last year, Indian multinational tyre manufacturing company, MRF leased 3.85 lakh sq ft of large warehousing space in the village Sudvadi, Mawal area of Pune district.

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HDFC Bank Signs Rs 1,020-Cr Lease Agreement for 4.5 Lakh Sq Ft Office Space in Mumbai’s Andheri

HDFC Bank Signs Rs 1,020-Cr Lease Agreement for 4.5 Lakh Sq Ft Office Space

A significant commercial lease has been signed by HDFC Bank in Mumbai’s Andheri. The bank has secured 4.50 lakh sq ft of space at an annual rental cost of more than ₹1,020 crore, according to documents accessed by CRE Matrix. 

Documents reveal that HDFC Bank has signed a 10-year lease for a carpet area of nearly 2.73 lakh sq ft within R Square, a commercial building constructed by Histyle Retail Pvt Ltd, a subsidiary of Runwal Realty. This significant lease agreement highlights HDFC Bank’s commitment to expanding its presence in Andheri, Mumbai.

The leasing of the commercial space has been executed through a series of three separate agreements. These agreements cover selected units located on the ground floor, as well as the first through sixth floors of the building. The monthly rental payment for the leased space is ₹6.45 crore, translating to an annual rent exceeding ₹1,020 crore. The lease agreement includes a provision for a 15% rent escalation at the end of every 36 months. 

The licensee was permitted to commence operations on January 21, 2025, with the agreement subsequently being registered on January 27, 2025. The commercial space features 227 parking spaces. A significant security deposit of ₹116 crore was paid by HDFC Bank as part of the leasing agreement.

Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com commented, “Andheri is a growing office market of Mumbai in terms of annual leasing activity, new housing developments, metro, airport, and highway connectivity, hospitality, and everything in between.”

Recent Transactions in Mumbai

In a recent transaction, Tata Investment Corp acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly ₹150 crore. In another transaction last year, Nielsen Media India Private Limited and its subsidiary leased 1.52 lakh square feet of office space in Mumbai’s Goregaon.

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