Adani Winning over the Luxury Real Estate Market in Mumbai

Realty Giant Adani has won over a pleasant piece of land in Mumbai. The latest player in the real estate market surpassed L&T Realty to acquire a 24-acre land plot at Bandra Reclamation.

The 24 acres of land will offer a wide list of amenities to a sizeable community. On the other hand, it is situated in close proximity with Bandra Kurla Complex or BKC and Lower Parel. This sea-facing plot secured by Adani Realty is at the outskirts of Bandra with unmatchable road connectivity.This plot by Adani is clean with zero complications. 

Adani Realty has permission to construct over 40 lakh square feet in the designated area, with at least half likely to be used for residential development. This could result in the construction of 2,000 apartments, each averaging 1,000 square feet. In comparison, the average redevelopment project typically offers 20 apartments for sale. 

While the entire supply will not be available at once, even if spread out over seven years, this would still result in an annual supply of 300 units. According to Zapkey, the market saw 684 primary sales last year.

The real estate market has seen an exuberant bidding war as most developers jump over each other to secure small parcels of land in mediocre locations. That has meant higher costs as excited builders offered greater incentives to societies for winning the bid. There are more redevelopment projects underway currently than there have been in the past decade.

Adani is targeting the luxury real estate segment of Mumbai, affecting the market with a mix of premium, luxury, and ultra-luxury offerings similar to Lodha World Towers and Lodha Park.