Real estate firm Lodha Developers Ltd has acquired the rights to develop an upscale housing project in south Mumbai’s Malabar Hill, one of the country’s priciest addresses, for ₹106.12 crore.
According to the deal-related documents accessed via Propstack, a real estate data analytics firm, the agreement to sell (development rights) has been signed by the developer and the seller, Sorabji Kanga Charity Trust, through its trustees.
As part of the deal, Lodha will be entitled to develop 5,017 square metres of carpet area (saleable area), along with 150 car parking spaces and a 42.5% share in the trust overseeing the project.
The market value of the land is approximately ₹621.71 crore, according to the deal document, and Lodha has paid ₹37.42 crore in stamp duty for the transaction that was executed on 7 January.
“Lodha will likely develop a high-end residential project there,” said a person on the condition of anonymity.
The total land area of the property is 17,403.20 square metres (roughly 4.3 acres), and it has a chawl, Palacimo Co-operative Housing Society, and six bungalows. Lodha will redevelop the land, except for the housing society, as per the agreement. The permissible floor space index (FSI) or the area that can be constructed on the land is 4.0.
As per the Development Control and Promotion Regulations (DCPR) 2034 for Greater Mumbai, Lodha Developers will also have to hand over 38,990.48 square metres of built-up area to the Maharashtra Housing and Area Development Authority (Mhada).
A Lodha spokesperson declined to respond to Mint's queries. The Trust could not be immediately reached.
Luxury housing momentum
India’s luxury housing market has surged since the pandemic, with Mumbai and Gurugram at the centre of high-end homebuying activity.
The annual Luxury Residential Outlook Survey 2026 published in January and conducted by India Sotheby’s International Realty (ISIR) indicated that 2026 is set on resilient economic fundamentals, rising wealth creation, and a more discerning buyer base.
Ashwin Chadha, CEO, India Sotheby’s International Realty, said, “India’s growth and wealth creation have moved in lockstep, powering a strong and sustained boom in luxury real estate—backed by resilient capital markets and rising income formalisation. With over 350 billionaires controlling nearly $2 trillion in wealth, demand for bespoke residential assets remains structural, not cyclical. Momentum continues, but with moderation.”
“Looking ahead, while overall buying will remain cautious, prime urban luxury homes are set to outperform on scarcity. Proven micro-markets will continue command lasting premiums,” added Chadha.
Prime micro-markets
Lodha Developers already has multiple high-end projects in Malabar Hill and Worli, among other prime areas. In 2024, it sold two apartments in its luxury project named Lodha Malabar in Malabar Hill, for ₹270 crore, to Anil Gupta, the chairman and managing director of Wellknown Polyesters Ltd.
Last year, the promoter family of Anand Rathi Group bought a 10,538-sq-ft flat in Lodha's under-construction tower named Lodha Sea Face in Worli for ₹131.7 crore. Before that, Seema Singh, one of the promoters of Alkem Laboratories, bought a flat in the same project for ₹185 crore.
Earlier this week, Mint reported that Lodha Developers has entered into a joint development agreement with Sahana Properties and Resorts Pvt Ltd and Sahana Builders and Developers Pvt Ltd, to develop around 10.26 acres of land in Mumbai's Parel-Sewri area. The agreement was signed for a consideration of ₹365 crore, as per documents accessed by CRE Matrix.
As part of its strategy, Lodha Developers acquires land through outright purchases and joint development agreements with land partners.
Growth outlook
Lodha Developers added five new projects during the December-ended quarter with a gross development value (GDV) of ₹33,800 crore across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), and Bengaluru.
The company reported a 14.4% year-on-year rise in revenue from operations to ₹4,672.5 crore and a 1.36% increase in net profit to ₹957.7 crore in the October-December quarter.
It recorded its best-ever quarterly pre-sales or sales bookings of ₹5,620 crore in the third quarter of 2025-26, up 25% from a year ago. In the first nine months of FY26, its pre-sales stand at ₹14,640 crore.
The developer has a significant launch pipeline planned for the ongoing January-March quarter, which will likely help it meet its full-year pre-sales guidance of ₹21,000 crore.