Mumbai: The Adani Group has acquired a major land parcel spread over 1.1 acres in the Ultra-Paljari Carmicil Road area of South Mumbai, which is located for more than Rs 170 crore in Malabar Hill area.
The land parcel, which is one of the rare large freehold plots available in the highly demanded neighborhood, is currently in an old residential cottage spread over 2,760 square feet.
The acquisition has been executed through the Adani Group's subsidiary, Mah-Hil Properties.
The buyer has paid more than Rs 10.46 crore to stamp duty alone for the registration of transactions on March 27 last week, shown to have been shown to be accessed through CRE Matrix.
It cannot be ascertained whether the plot will be developed in a high growth structure or bungalow.
The said property was earlier under legal disputes, which was resolved through the and accepted conditions presented by the court, which cleared the way for the transaction.
The ET's email query remained unanswered for the Adani group.
The Carmail Road in South Mumbai in Malabar Hill is one of the wealthiest and most exclusive addresses in India, home to some of the country's most influential industrialists and corporate leaders. Known for its ultra-luxury residences and historical mansion, this reputed PIN code is home in homes in business tycoon houses.
This real estate micro-market commands the command between the highest prices in India, which is a limited supply of properties, closely inspired by the Breathing scenes of the Arabian Sea and the financial hub.
