The Maharashtra Housing and Area Development Authority (MHADA) has auctioned five plots in Mumbai for over ₹192 crore.
Out of the total five plots that were put on auction by the MHADA’s Mumbai Board, four plots were reserved for educational uses, and one was reserved for health purposes.
The housing authority on July 16 announced that Medanta Hospital has won an 8,850 sq meters plot in Oshiwara area of Mumbai for ₹125 crore. The MHADA had kept ₹67.49 crore as the reserve price for the Oshiwara plot in the e-auction for which Medanta Hospital emerged as the highest bidder by quoting ₹125 crore.
“Medanta Hospital is one of the premier hospitals in India, renowned for providing world-class comprehensive and affordable healthcare services. Through MHADA, the services of Medanta Hospital will soon be available to Mumbaikars,” MHADA said in a statement.
Of the other four plots, one plot of around 2,000 sq meters in Malad area of Mumbai was secured by Pragat Shikshan Sanstha for ₹11 crore for which MHADA had kept the reserve price of ₹10.66 crore.
Also Read: CIDCO auction: Here are 5 things to know about the 48 plots and 218 shops on offer in Navi Mumbai
The second educational plot measuring 2,000 sq m was sold for ₹12.21 crore for which MHADA had kept a reserve price of ₹11.81 crore.
The remaining two plots in Vikhroli were sold to a polytechnic institution and a women’s education institute.
Also Read: MHADA lists 20 buildings as extremely dangerous in South Mumbai, asks residents to move out before monsoon hits
“The plot of 3,010 sq meters in Kannamwar Nagar, Vikhroli, reserved for a women’s polytechnic institution, was acquired by Navchetana Charitable Trust for Rs. 18.05 crores. MHADA had set a base price of Rs. 17.75 crores for this plot. Additionally, the plot of 3,360.15 square meters in Tagore Nagar, Vikhroli, reserved for educational purposes was awarded to Radhikabai Meghe Women’s Education Institute for ₹26 crore, whereas the board had set a base price of Rs. 21.52 crore,” MHADA said in a statement.
Land deals in Mumbai’s real estate market
These four are the biggest land deals in the Mumbai real estate market in 2024. Mumbai being a landlocked city, majority of deals are for redevelopment of old buildings or acquisition of big slum rehabilitation layouts.
Three prominent land deals in Mumbai included K Raheja Corp in April 2024 purchasing the Sobo Central Mall in South Mumbai’s Haji Ali area for ₹476 crore from Kishore Biyani’s Bansi Mall Management Company (BMMCL), according to the property documents accessed by Propstack
Also Read: More than 101 land deals for approximately 2,989 acres closed in FY-24 across cities, including Ayodhya
The other two land deals involved Bollywood star Tripti Dimri purchasing a ground-plus-two-storey bungalow off Carter Road in Bandra west area of Mumbai for ₹14 crore in June and John Abraham purchasing a 5,416 sq ft bungalow in Khar area of Mumbai along with the land of 7,722 sq ft on which the bungalow is located for ₹70.83 crore in December 2023.
