South Mumbai’s real estate, a one-acre wooded plot on Carmichael Road, one of the city’s most coveted residential zones, has been sold for Rs 170 crore to Mah-Hill Properties, a subsidiary of the Adani Group.
The deal was finalised on March 27, marking the conclusion of a complex and historically significant property transaction that is expected to influence the city’s urban landscape.
The plot, which measures around 4,500 square metres, was inherited by Behram Nowrosji Gamadia, whose family has owned the land since the early 20th century. Originally earmarked for a children’s park in the 1991 Development Plan, the plot’s designation was changed following revisions made by the Brihanmumbai Municipal Corporation (BMC). Under the current Development Plan 2034, the land is now classified for residential use. However, in an intriguing turn of events, the state government’s refusal to designate it as a garden means the future development of this prime location will lean towards high-end residential projects, potentially reshaping the area’s real estate dynamics. Carmichael Road, now officially known as M L Dahanukar Marg, has long been synonymous with affluence, hosting some of the most expensive properties in the country. This acquisition by the Adani Group’s Mah-Hill Properties is seen as a strategic move, solidifying the company’s foothold in Mumbai’s competitive and lucrative real estate market. The transaction included a stamp duty payment of Rs 10.5 crore, further underscoring the significant value of this land deal.
The legacy of this plot traces back to Jehangir Nowrosji Gamadia, who passed away in 1927, leaving the property to his wife Bai Putli Bai and their minor children.
Over the years, the land passed through several hands, eventually falling under the control of Behram Gamadia. Following a legal dispute in 1974, a settlement was reached with the Samrathmal Seth family, with Behram Gamadia receiving Rs 140 crore from the developer as part of the settlement. This series of transfers and disputes has shaped the property into the sought-after plot it is today, attracting high-profile buyers and investors. This acquisition by Mah-Hill Properties adds another layer to the growing real estate narrative in Mumbai, which has been witnessing a surge in demand for premium residential properties. The deal highlights the increasing appetite for prime land in South Mumbai, a region where scarcity of space is met with relentless demand, driving up property values. As Mumbai continues to evolve into a global financial hub, developments like this one suggest that the city’s urban planning will increasingly accommodate high-end residential projects, rather than green spaces. This shift in land use planning reflects broader trends in Indian cities, where urbanisation is often prioritised over environmental considerations. While the green slope of the plot remains under the new development plan, the conversion of the remaining space for residential purposes raises concerns about the long-term environmental impact on Mumbai’s already stretched infrastructure.
For now, the sale of this prime plot to a major corporate player like Adani Group signals a new chapter in Mumbai’s real estate story, where heritage properties meet the modern need for luxury living. It remains to be seen how the city will balance its legacy with the pressure of urbanisation, especially as the demand for residential space in areas like Carmichael Road continues to grow. The future of this plot, and its transformation from a green zone to a residential project, underscores the challenges that Mumbai faces as it grapples with the competing demands of development, sustainability, and heritage preservation. While the market celebrates new acquisitions, the broader
South Mumbai Real Estate Deal Sets New Benchmark
