India’s healthcare real estate sector continues to witness strong institutional activity, with the latest transaction highlighting the growing demand for operational hospital assets. According to property registration documents accessed through CRE Matrix, Temasek and TPG-backed Manipal Health Enterprises have acquired a hospital property in Mumbai’s Andheri East for ₹495 crore as part of its ongoing expansion strategy.
The acquisition reflects the increasing demand for operational healthcare assets in Mumbai. Hospital infrastructure in the city remains limited despite rising demand for advanced tertiary care facilities.
Deal Details
Manipal Health Enterprises acquired a hospital property spread across a plot area of 752.77 sq mt along with an operational hospital building covering 20,663.80 sq mt in Andheri East.
The second tranche of the transaction, registered on May 6, was valued at ₹495 crore. The deal also attracted a stamp duty payment of ₹29.22 crore, according to documents reviewed through CRE Matrix. This acquisition follows an earlier transaction completed in 2024. In that deal, Manipal had purchased the primary hospital land parcel and the main hospital building for ₹413 crore. Together, both transactions bring the total acquisition value to ₹908 crore.
The sellers included Khubchandani Hospitals, Khubchandani Properties and Investment, and Perfect Realty.
Why Are Healthcare Real Estate Transactions Rising in Mumbai?
Mumbai has emerged as one of India’s most strategic healthcare markets due to increasing demand for specialised treatment centres, medical tourism, and integrated healthcare campuses.
Large operational hospital assets remain scarce in the city, making acquisitions more attractive for expanding healthcare operators. Institutional investors and hospital chains are actively pursuing healthcare-linked real estate. This is because these assets offer stable occupancy, long-term growth potential, and strong demand fundamentals.
The latest transaction also reflects a broader trend where healthcare operators prefer acquiring operational facilities instead of developing hospitals entirely from scratch. This allows faster market expansion and quicker operational scalability.
How Is Manipal Health Expanding Across India?
Manipal Health Enterprises has aggressively expanded its footprint through acquisitions, brownfield expansions, and operational upgrades.
The hospital chain strengthened its national presence after acquiring AMRI Hospitals in September 2023 and Medica in April 2024. Following these acquisitions, the network now operates 37 hospitals across 19 cities with a capacity exceeding 10,500 beds.
The company currently serves more than 7 million patients annually, making it one of India’s largest healthcare providers.
What Does This Deal Indicate for India’s Healthcare Real Estate Market?
The Andheri acquisition highlights sustained investor confidence in healthcare real estate despite rising property prices in Mumbai.
Operational hospital assets continue to attract institutional buyers because healthcare demand remains resilient across economic cycles. Large healthcare operators are increasingly focusing on metro cities where population density, medical tourism, and rising healthcare awareness support long-term growth.
The transaction also demonstrates how healthcare infrastructure is becoming a major component of India’s commercial real estate landscape, alongside office, retail, and logistics assets.
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