Landmark Developers & Sobha Ltd Acquire Land In Parel For ₹423.38 Crore

In a significant real estate transaction, Landmark Developers and Sobha Ltd have jointly acquired a 2.11-acre land parcel at Jerbai Wadia Road, Parel, Mumbai for ₹423.38 crore. The deal, registered on January 23, 2025, marks a key step in the redevelopment and expansion of premium residential and commercial spaces in the prime central Mumbai locality.

About The Deal

According to property registration documents accessed by CRE Matrix, the total agreement value for the land stands at ₹2,12,05,58,000, with a stamp duty payment of ₹10.60 crore. The sale was executed in partnership, with both developers securing distinct shares in the project’s free-sale component.

Landmark Developers has acquired 10,953 sq. mtr of the free-sale component, valued at ₹212.05 crore while Sobha Ltd has secured 21,621.24 sq. mtr, amounting to ₹211.32 crore.

With Parel emerging as a premium residential and commercial hub, this acquisition is expected to contribute to the area’s high-end real estate development, potentially offering luxury housing, retail spaces, and commercial offices. The collaboration between Landmark Developers and Sobha Ltd further strengthens the ongoing transformation of Mumbai’s real estate market, especially in the central business districts.

Industry experts believe the deal signifies growing demand for prime land parcels in Mumbai, especially as developers continue to focus on large-scale redevelopment projects to optimize space utilization in the land-scarce city.