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BUSINESS
Malabar Hill is one of the priciest residential areas in Mumbai and even overall in India. The rate of luxury apartments in Malabar Hill is Rs 1 lakh per sq ft and above for new construction, according to local property brokers.
Mah-Hill Properties Private Limited -- a subsidiary of billionaire Gautam Adani-led Adani Group -- has purchased over 48,000 square feet of land in South Mumbai's posh Malabar Hill neighbourhood.
The deal is worth a whopping Rs 170 crore, according to property registration documents accessed by the real estate data analytics firm CRE Matrix.
The previous owner, Behram Nowrosji Gamadia, sold the land along with a 257 square meter structure to Adani's company.
One of costliest areas in country
The total land area is 48,491 sq ft, and the transaction was officially registered on March 27, 2025.
The property is a legacy asset, with ownership dating back to the pre-independence period, official records state.
A stamp duty of Rs 10.46 crore and a registration fee of Rs 30,000 were paid to purchase the land, according to the registration documents.
Malabar Hill is one of the priciest residential areas in Mumbai and even overall in India.
The rate of luxury apartments in Malabar Hill is Rs 1 lakh per sq ft and above for new construction, Hindustan Times reported citing local property brokers.
Adani's growing real estate portfolio
With this move, the Adani Group continues to expand its portfolio of properties in affluent locations of Mumbai. The group already owns more than 76,000 square meters of property in the upscale Bandra Kurla Complex (BKC) and holds a majority stake in the Mumbai international airport.