Real estate giant Macrotech Developers (Lodha) has entered into an agreement to acquire a 3.4-acre land parcel in Jogeshwari West, Mumbai, from Unichem Laboratories for ?279 crore. Located at Prabhat Estate off Swami Vivekananda Road, the site includes an 82,000 sq. ft. office building, which previously served as Unichem’s registered office before being relocated to Kandivali West. While the deal is yet to be inked and registered, Unichem’s board of directors has approved the monetization of the property, whose book value in the company’s records is ?2.18 crore.
The Lodha Group, known for its landmark projects across Borivali, Kandivali, Andheri, Versova, Malad, Juhu and South Mumbai region, is expected to develop a premium residential project on this newly acquired land. This acquisition aligns with Macrotech Developers’ aggressive expansion strategy, adding to its eight new projects across MMR, Bengaluru, and Pune, valued at ?19,500 crore in FY 2024-25. The developer has already achieved 90% of its full-year guidance and is set to witness significant pre-sales growth in the coming financial year.
With India's booming real estate market, land acquisitions in metro cities like Mumbai, Delhi-NCR, and Bengaluru have surged, driven by strong housing demand and infrastructure growth. Institutional investors and real estate firms continue to invest in luxury housing, mixed-use developments, and warehousing projects, signaling long-term confidence in the country’s real estate sector.