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Adani Group Buys Premium Land on South Mumbai’s Carmichael Road

Adani Group Buys Land Parcel

In a significant real estate transaction, the Adani Group has acquired a premium land parcel spanning more than 1.1 acres in South Mumbai’s ultra-affluent Carmichael Road, nestled in the prestigious Malabar Hill locality. According to the documents accessed by CRE Matrix, the deal, valued at over ₹170 crore, was executed through the Group’s subsidiary, Mah-Hill Properties. 

The plot currently hosts an old residential cottage with a built-up area of 2,760 sq ft. Located in a highly sought-after area, the plot is one of the last few sizeable freehold properties available. The transaction was registered on March 27, with the buyer paying a stamp duty exceeding ₹10.46 crore.

While it remains unclear whether the Adani Group intends to develop a high-rise or a luxury bungalow on the site, the strategic value of the location is undeniable. The property was previously tied up in legal disputes, which have now been resolved through court-accepted consent terms – clearing the path for a clean acquisition.

Carmichael Road in Malabar Hill symbolizes legacy, wealth, and elite status. Home to influential business families and top corporate leaders, the area is known for its heritage bungalows, breathtaking views of the Arabian Sea, and proximity to key financial districts. With property prices among the highest in India, any development on this rare parcel is bound to attract attention from the high-profile buyers and investors.

This acquisition further solidifies Adani Group’s position in India’s high-value real estate landscape. It reflects the Group’s growing interest beyond infrastructure and industry, extending into strategic urban development.

Recent Transactions

Mumbai’s real estate market has seen a surge in significant land transactions lately. This highlights strong investor confidence and the city’s continued appeal. The dynamic pace of urban growth and the rising demand for premium land parcels are reflected in these high-value transactions.

In a recent transaction, Landmark Developers and Sobha Ltd. acquired a 2.11-acre land parcel on Jerbai Wadia Road, Parel, for ₹423.38 crore. In another transaction, K Raheja Corp acquired a 5.75-acre parcel of land in the eastern district of Kandivali, Mumbai, for approximately ₹466 crore.

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ChrysCapital Partner Sanjay Kukreja, Wife Buy Golf Links Bungalow for Rs 155 Crore

Sanjay Kukreja, a partner at ChrysCapital, one of India’s largest homegrown private equity firms, and his wife Shaveta Sharma, CEO and MD of Central Square Foundation (CSF) purchased a 1,250-square-yard bungalow in the upscale Golf Links area of South Delhi for a staggering Rs 155 crore, according to the documents accessed by CRE Matrix. 

The Kukreja family paid Rs 9.3 crore in stamp duty and corporation tax for the property. This deal highlights the enduring appeal of Golf Links among high-net-worth individuals (HNWIs) and business elites in India. Renowned for its exclusivity and limited property availability, Golf Links has emerged as a preferred destination for HNWIs and corporate leaders.

The recent purchase by Sanjay Kukreja and his wife at Golf Links reaffirms the area’s status as a prime residential location for India’s wealthiest individuals. Despite a slight moderation in sentiment, the interest in high-end properties remains robust. Golf Links continues to attract corporate leaders and UHNIs, with prices remaining firm due to limited availability. Even if expectations have slightly waned, demand for luxury real estate is expected to remain as long as India’s economy continues to expand. 

Recent High-End Transactions in Delhi

Delhi’s luxury real estate market continues to attract high-net-worth individuals (HNWIs) and business elites, with several noteworthy transactions taking place in prestigious neighborhoods. Despite market fluctuations, demand for upscale properties remains strong, driven by limited supply and the desire for premium locations. 

In a recent transaction, Anurang Jain, the managing director of Endurance Technologies, purchased a 1,350-square-yard bungalow on Kautilya Marg, New Delhi, for ₹130 crores. In another transaction, Sidhant Real Estate, led by DLF Chairman Rajiv Singh and his family, recently acquired a ₹150 crore bungalow in Lutyens’ Delhi’s Prithviraj Road.

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Citigroup Leases 7.7-lakh-sq-ft Office in Pune’s Kharadi

Citigroup Leases 7.7-lakh-sq-ft Office in Pune’s Kharadi

Citigroup Inc. has finalized one of the largest commercial office space transactions of the year. The financial services giant has secured over 7.7 lakh sq ft of office space through a long-term lease in Pune’s Kharadi locality. According to records obtained by CRE Matrix, the company has leased 10 floors at Panchshil Business Hub for an estimated Rs 1,100 crore. 

The lease, which starts on April 1, covers the commercial tower’s 7th through 16th floors. Depending on the level, the starting monthly rentals range from Rs 2.02 crore to Rs 2.71 crore. The contract specifies a lock-in duration of 4-5 years for various floors. It also mentions a 15% rental escalation clause every 36 months.

The leased space has been secured through Citigroup’s subsidiary, Citicorp Services India. They primarily provide back-office, technology, and operational support services for the global operations of Citigroup. 

Of the total space, 3.07 lakh sq ft is located on the 13th to 16th floors, and 2.34 lakh sq ft is spread across the 10th to 12th floors. The remaining 2.29 lakh sq ft is on the 7th to 9th floors. The total deal value includes rental payments along with common area maintenance (CAM) charges. The charges are subject to an annual escalation of 5% and will amount to nearly Rs 197 crore over the lease term.  

As part of the agreement, Citigroup will also receive exclusive access to 770 car parking slots and 1,185 two-wheeler parking spaces. In addition to these designated parking spots, the company has the option to secure additional parking at rates of Rs 6,000 per car and Rs 2,600 per two-wheeler. Citigroup has paid a security deposit of Rs 20.36 crore.  The registration of the deal took place on March 12.  

Citicorp Services India, while distinct from Citibank India, plays a crucial role in Citigroup’s operations. They handle key functions such as risk management, compliance, information technology services, analytics, and financial operations. The company’s decision to secure such a vast office space highlights its commitment to expanding its presence in India. This move further reinforces Pune’s position as a hub for global capability centers (GCCs).  

Recent Transactions

The transaction highlights the resilience of India’s commercial real estate market. Leasing activity has reached record levels for the third consecutive year, driven by strong demand from global corporations. Despite economic uncertainties, multinational corporations continue to drive demand for office spaces, particularly for setting up GCCs. The Indian government has also been instrumental in fostering this growth by introducing incentives for such centers. This has further solidified the country’s appeal as a preferred destination for global businesses. 

In a recent transaction, co-working giant Awfis Space Solutions leased 1.97 Lakh Sq Ft of office space in Pune’s Kharadi. In another transaction, US-based CA Technologies Private Limited renewed its lease for a 1.08 lakh sq ft commercial space in the same area. 

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Puravankara Chairman Acquires Office space in Andheri, Mumbai, for Rs 242 Crore

Realtor Ravi Puravankara buys 12 commercial plots in Mumbai

Mumbai’s commercial real estate market has witnessed a significant transaction, with Ravi Puravankara, founder and chairman of Puravankara Ltd, acquiring over 104,000 sq ft of office space in Andheri for Rs 242.1 crore. According to documents obtained through CRE Matrix, the purchase was made from Rockfort Estate Developers, an HLV Group promoter company. With the acquisition, Puravankara now has exclusive use of over 135 parking spaces in the business complex.

The agreement, which was finalized on Wednesday, includes twelve commercial apartments located on the 7th, 8th, and 9th floors of Business Park 2, a prestigious business complex in Marol, Andheri. The stamp duty of about Rs 14.5 crore, paid to complete the registration, demonstrates the size of this investment.

Puravankara, who previously focused on South Indian real estate markets like Bengaluru and Chennai, is making a calculated move with this acquisition. Nonetheless, the business has been aggressively growing its footprint in Mumbai’s real estate market in recent years by making well-thought-out investments in residential and commercial real estate.

Though the exact purpose of the recently gained space is yet unknown, there are several conjectures regarding its possible usage. Given that the agreement was concluded in Ravi Puravankara’s personal capacity, it is unclear if the space will be leased to high-end tenants, converted into a larger corporate office, or utilized to launch a new company segment.

The deal highlights the increasing trust that investors have in Mumbai’s commercial real estate market. High-net-worth individuals seeking to diversify their investment portfolios continue to be drawn to the city due to its steady rental yields and optimistic economic outlook.

Bollywood stars and sports figures, as well as developers and industrialists, have been actively purchasing commercial buildings in Mumbai, utilizing them as profitable investment opportunities. The trend reflects the general belief that real estate is still one of the safest and most lucrative asset classes for preserving and increasing wealth.

Ravi Puravankara’s most recent acquisition further strengthens Mumbai’s need for upscale office space. Industry insiders predict additional high-value deals in the upcoming months as the city’s commercial real estate sector continues to flourish, solidifying Mumbai’s position as one of India’s most vibrant real estate marketplaces.

Recent Transactions

A rise in high-value office space transactions in Mumbai’s commercial real estate market is indicative of strong investor confidence. Developers, investors, and high-net-worth individuals have made significant purchases in recent years. Steady rental profits and strategic expansion have driven this growth.

In a recent transaction, Tata Investment Corporation acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly Rs 150 crore. In another transaction, HDFC Bank secured 4.50 lakh sq ft of space at an annual rental cost of more than Rs 1,020 crore in Mumbai’s Andheri. 

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India’s Office Leasing Touches Record 81.7 MSF in 2024, IT/ITES Leads Demand

India’s Office Leasing Touches Record 81.7 MSF in 2024

India’s office leasing market hit a historic high in calendar year (CY) 2024, with leasing volumes touching 81.7 million square feet (MSF), the highest ever recorded, according to the joint CRE Matrix–CREDAI India Office Report Q4 CY’24. The market registered a 19 percent year-on-year increase. This growth indicates the resilience of occupier demand even as companies adapt to new workplace models amid global economic headwinds.

IT/ITES Drives Market Momentum

The IT/ITES sector emerged as the largest demand driver. These accounted for 42 percent of total leasing activity in 2024, a sharp rise from 28 percent in CY’23. This resurgence reflects technology firms’ renewed focus on expansion, consolidation into Grade A assets, and long-term portfolio planning.

According to the report, India’s top office markets—Bengaluru, Hyderabad, and Mumbai continued to dominate leasing activity. Together, these metros contributed 62 percent of total demand, registering a robust 20 percent YoY growth.

Rise of Large-Format Transactions

Large office deals played a defining role in 2024. Transactions exceeding 100,000 sq ft accounted for 41 percent of total leasing, growing 13 percent YoY. This trend was particularly pronounced in Bengaluru and Pune. Clearly, occupiers now prefer scalable, campus-style developments that offer operational efficiency and flexibility for future expansion.

Tightening Vacancies and Supply Constraints

An average demand-to-supply ratio of 1.5 in CY’24 led to declining vacancy levels across key micro-markets, including Delhi NCR, Mumbai Metropolitan Region (MMR), and Chennai. As a result, the Pan-India vacancy rate fell to 15.7 percent, down from 17.7 percent in CY’23.

The imbalance was especially visible in Q4 CY’24. At this point, office leasing demand stood at 17.9 MSF, while new supply lagged at 12.1 MSF. This, in turn, resulted in high rentals.

Flexible Workspaces Gain Further Ground

The co-working and flexible office segment continued its upward trajectory. Notably, they contributed 13 MSF to total leasing demand in 2024—well above the three-year average of 10 MSF. This represents a 30 percent increase, driven by rising enterprise adoption of managed and hybrid workspace models.

Demand from co-working operators grew 25 percent YoY, with Delhi NCR doubling its absorption and Bengaluru recording a 1.4x increase compared to CY’23.

Rentals Rise Amid Strong Fundamentals

Reflecting tightening market conditions, Pan-India office rental rates increased to ₹106 per sq ft, registering a 13 percent YoY growth. Hyderabad, Pune, and Mumbai were key contributors to this rental appreciation, supported by strong occupier demand and limited Grade A supply additions.

Grade A Office Stock Crosses 900 MSF

Despite a 19 percent decline in new completions—with total supply at 53.3 MSF in 2024—India crossed a major milestone of 900 MSF of Grade A office stock. Bengaluru and Hyderabad together accounted for 55 percent of the new supply. Looking ahead, India is expected to add 295.7 MSF of fresh Grade A office space by 2027, with IT/ITES expected to remain the dominant demand driver, followed by co-working (16 percent) and BFSI (12 percent) sectors.

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Tesla’s First India Showroom Debuts in Mumbai’s BKC with Record-Breaking Lease Deal

Tesla's First India Showroom Debuts in Mumbai's BKC

Tesla Inc. has taken a significant step in its India expansion by launching its first Tesla showroom in India at Mumbai’s prominent business district, Bandra Kurla Complex (BKC). The landmark lease agreement marks a milestone for the electric vehicle (EV) giant as it sets its sights on tapping into India’s burgeoning demand for premium electric cars.

Tesla’s India arm, Tesla India Motors & Energy, has leased a 4,003 sq ft unit from Univco Properties LLP for a five-year tenure, according to documents accessed by CRE Matrix. The agreement, registered last week, stipulates that the lease will commence on February 16, with a rent-free period extending until March 31.

The agreement was signed between Tesla and Maker Group entity to lease space on the ground floor of the 2 North Avenue commercial complex at Maker Maxity. The deal, at Rs 881 per sq ft, surpasses the previous record set by Apple Inc., which leased space at Rs 738 per sq ft in January. This agreement reflects the increasing demand for prime commercial real estate in Mumbai’s BKC area.

The company has made an initial security deposit of Rs 2.11 crore. During the first year, Tesla will pay a monthly rental of Rs 35.26 lakh, which will escalate by 5% annually, reaching Rs 42.86 lakh in the final year of tenancy. Additionally, the agreement includes a 36-month lock-in period for Tesla, ensuring long-term stability, while the landlord is restricted from terminating the lease during the entire duration.

It is anticipated that Tesla’s flagship location in India will be the showroom at Maker Maxity, demonstrating the company’s dedication to the Indian market. Tesla has been actively exploring opportunities in the country, engaging in discussions with government authorities, scouting showroom locations, and assessing potential manufacturing sites.

India represents a promising market for Tesla, given the increasing shift toward sustainable mobility and the government’s push for electric vehicle adoption. By establishing the first Tesla car showroom in India, the company aims to strengthen its foothold in one of the world’s fastest-growing automobile markets.

The company is firmly establishing its long-term goals in India with the opening of the first Tesla showroom in Mumbai. The deal highlights the company’s strategy to not only introduce its popular range of EVs but also lay the foundation for future expansion, potentially including local manufacturing.

With Tesla India making its entry, Indian consumers and EV enthusiasts eagerly await the arrival of its cutting-edge electric vehicles. This, in time, will pave the way for a greener and more technologically advanced automotive landscape in the country.

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Hrithik Roshan Leases Out Office Space in Pune’s Kharadi

Hrithik Roshan office space lease in Pune Kharadi

Bollywood superstar Hrithik Roshan has recently leased out a prime office space in Pune’s thriving commercial hub, EON Kharadi. The office, spanning 9,209 sq ft, is located on the 8th floor of the World Trade Centre and has been rented out to Regus Ruby Business Centre for a tenure of 36 months. 

The leasing agreement, as per documents accessed through CRE Matrix, states that the property has been let out at a monthly rental of Rs 6.08 lakh. Additionally, the tenant has paid a security deposit of nearly Rs 11.88 lakh. The agreement includes an annual rental escalation of 5%, ensuring consistent appreciation in returns for the property owner.

Furthermore, Regus Ruby Business Centre will be paying Rs 13 per sq ft as maintenance charges every month, which will also increase by 5% annually. This additional income enhances the overall yield from the investment.

The transaction demonstrates a rising trend of Bollywood celebrities making active investments in commercial real estate. High-net-worth individuals are progressively diversifying their portfolios with premium office spaces, retail establishments, and mixed-use developments.

Investing in real estate promises capital growth over time in addition to rental income. Strategic investments like Hrithik Roshan’s lease at EON Kharadi are paying off because of the growing demand for Grade-A commercial spaces.

Recent Office Space Transactions in Pune

With the demand for premium workspaces surging in Pune, investments in well-located commercial properties continue to offer substantial financial rewards. As more celebrities and investors enter the sector, the commercial real estate market is set for sustained growth in the coming years.

In a recent transaction, co-working giant Awfis Space Solutions leased 1.97 lakh sq ft of office space in Pune’s Kharadi for 5 years. In another transaction, US-based CA Technologies Private Limited renewed its lease for a 1.08 lakh sq ft commercial space in the same locality. 

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Hyderabad Real Estate Snapshot – Q4 CY’24: Value Resilience and Office Market Strength

Hyderabad Real Estate Market - Q4 CY 24

The Hyderabad real estate market in Q4 CY’24 showed signs of adjustment, balancing moderate activity with strong fundamentals. The latest CREDAI–CRE Matrix Hyderabad Housing Report – Q4 CY’24 highlights a shift toward higher-value transactions, reduced unsold inventory, and region-specific price appreciation, indicating sustained buyer confidence despite a slowdown in new launches and overall transaction volumes.

At the same time, Hyderabad’s office market continued to demonstrate strong momentum in Q4 CY’24. As per the CREDAI–CRE Matrix Hyderabad Office Report – Q4 CY’24, demand remained robust across Grade A/A+ spaces, driven by expanding GCC activity, rising co-working adoption, and large-format leasing transactions. Improved vacancy absorption, concentrated new supply in key commercial hubs, and long-term occupier confidence reinforced the city’s position as one of India’s most resilient office markets.

Residential Market: Lower Volumes, Stronger Value Metrics

The city recorded 16,644 residential unit sales in Q4 CY’24, marking a 22% YoY decline, with the total transaction value easing 9% YoY to ₹30,924 crore. New supply also moderated significantly, as only 11,081 units were launched, a 50% YoY drop, indicating a more measured approach by developers amid shifting demand dynamics.

Despite softer volumes, pricing strength remained intact. The average ticket size rose 17% YoY, highlighting sustained demand for larger and premium homes. Market efficiency improved meaningfully, with unsold inventory declining 14% YoY to 1,04,778 units, compared to 1,21,421 units in Q4 CY’23. On the pricing front, Hyderabad South West led the market with 15% YoY price appreciation, the highest across all regions during the quarter.

Notably, on a full-year basis, Hyderabad recorded residential sales worth ₹1.15 lakh crore in CY’24, marginally higher than Mumbai’s ₹1.05 lakh crore. This shift underscores Hyderabad’s growing depth as a high-value housing market, even as quarterly volumes show temporary moderation.

Office Market: Demand-Led Expansion Continues

Hyderabad’s office market delivered a strong performance in Q4 CY’24, supported by steady occupier demand and limited vacancy additions. Grade A/A+ vacancy levels declined by 1.5% YoY, reflecting improved absorption across key business districts.

Structural demand drivers remained firmly in place. Co-working space demand increased 26% in CY’24 compared to four years ago, while the GCC segment recorded an 8.6% CAGR in office occupancy over the past five years, reinforcing Hyderabad’s position as a preferred destination for global enterprises. Transaction sizes also scaled up, with office deals exceeding 1 lakh sq. ft. rising 2.2x between Q4 CY’23 and Q4 CY’24, indicating growing confidence among large occupiers.

On the supply side, Gachibowli dominated the market, accounting for 58% of new office completions in CY’24, further strengthening its status as the city’s primary commercial hub. In the broader context, Hyderabad also captured 17% of India’s Grade A office leasing in CY’24, placing it ahead of several larger metros, including Mumbai, in terms of annual leasing share.

Market Outlook

Taken together, the Q4 CY’24 data points to a market that is transitioning toward quality-led growth rather than volume-driven expansion. While the residential sector adjusts to near-term demand dynamics, strong office fundamentals continue to support employment growth, capital inflows, and long-term housing demand — positioning Hyderabad as one of India’s most resilient real estate markets.

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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

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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