The Maharashtra Housing and Area Development Authority (MHADA) has recently sold five plots in Mumbai for a total of more than Rs.192 crore.
Of the five plots auctioned by MHADA’s Mumbai Board, four were designated for educational use and one for health purposes.
On July 16, the housing authority announced that Medanta Hospital won an 8,850 sq. meter plot in Oshiwara, Mumbai, for Rs.125 crore. The MHADA had set a reserve price of Rs.67.49 crore for the plot in the e-auction, with Medanta Hospital becoming the highest bidder with a Rs.125 crore offer.
In a media statement MHADA said, "Medanta Hospital, a leading healthcare provider in India known for its world-class and affordable services, will soon offer its services to Mumbaikars through MHADA."
Of the remaining four plots, one of approximately 2,000 sq. meters in Malad was won by Pragat Shikshan Sanstha for Rs.11 crore, exceeding the MHADA reserve price of Rs.10.66 crore.
The second educational plot, also 2,000 sq. meters, sold for Rs.12.21 crore, above the reserve price of Rs.11.81 crore set by MHADA. The last two Vikhroli plots were assigned to a polytechnic institution and a women’s education institute.
The second educational plot of 2,000 sq. meters was sold for Rs.12.21 crore, exceeding the MHADA reserve price of Rs.11.81 crore. The remaining two Vikhroli plots were allocated to a polytechnic institution and a women’s education institute.
MHADA announced that Navchetana Charitable Trust acquired the 3,010 sq. meter plot in Kannamwar Nagar, Vikhroli, reserved for a women’s polytechnic institution, for Rs.18.05 crore, surpassing the base price of Rs.17.75 crore. Additionally, the 3,360.15 sq. meter plot in Tagore Nagar, Vikhroli, reserved for educational purposes, was awarded to Radhikabai Meghe Women’s Education Institute for Rs.26 crore, above the base price of Rs.21.52 crore.
These four transactions represent the largest land deals in the Mumbai real estate market for 2024. As a landlocked city, Mumbai's real estate deals primarily involve the redevelopment of old buildings or the acquisition of large slum rehabilitation projects.
One notable deal in April 2024 saw K Raheja Corp purchase the Sobo Central Mall in South Mumbai’s Haji Ali area for Rs.476 crore from Kishore Biyani's Bansi Mall Management Company (BMMCL), according to property documents accessed by Propstack.
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