Realty developer Lodha, listed as Macrotech Developers, has entered into an agreement to acquire a land parcel spread over 3.4 acres in Mumbai’s western suburb Jogeshwari West from pharmaceutical company Unichem Laboratories for over Rs 279 crore.
The land parcel at Prabhat Estate off Swami Vivekananda Road houses an office building spread over 82,000 sq ft, which was the registered office of the company until now.
While the deal is yet to be inked and registered, Unichem’s board of directors have approved the plan to monetise this land parcel. The book value of this property in the company’s books of accounts is about Rs 2.18 crore.
It may be noted that no business operations of the company were carried out from this property. It was earlier used as a registered office of the company, which had been shifted to Kandivali West, Unichem said in a regulatory filing.
The Lodha group has already executed projects in key western suburbs of Borivali, Kandivali, Andheri, Versova, Malad and Juhu. This newly acquired land parcel is also likely to be used for development of a premium residential project.
During the first nine months of 2024-25, the company added eight new projects with a gross development value of Rs 19,500 crore across Mumbai Metropolitan Region (MMR), Bengaluru and Pune. With this, the developer has achieved over 90% of its full-year guidance.
The company added one new project in Bengaluru during the December quarter with a gross development value of Rs 2,800 crore. This is the fifth project addition in Bengaluru, and these are expected to provide opportunity for significant pre-sales growth from next financial year.
ET’s email query to Macrotech Developers remained unanswered until the time of going to press.
India is witnessing a surge in land deals as developers and investors capitalise on rising demand for residential, commercial and industrial spaces. Leading real estate firms and institutional investors are actively acquiring land parcels in key urban and emerging growth corridors, driven by strong housing demand and infrastructure expansion.
Metro cities like Mumbai, Delhi-NCR and Bengaluru are seeing record-high land transactions for luxury housing and mixed-use developments, while tier-2 cities are also attracting interest for housing, plotted developments and warehousing projects.
The trend is further supported by the increasing participation of global and domestic financial institutions, signalling long-term confidence in India’s real estate market.
