A prominent Mumbai developer has secured development rights over a 4.3-acre land parcel in the Malabar and Cumballa Hill division, marking one of the most closely watched transactions in South Mumbai’s ultra-premium housing market this year. The deal signals renewed redevelopment momentum in legacy neighbourhoods where ageing low-rise structures sit on some of the city’s most valuable land.
Macrotech Developers Limited, formerly known as Lodha Developers, entered into an agreement in early January with a charitable trust that owns the site. Publicly available property records indicate a transaction consideration of just over Rs 106 crore for the development rights. However, the valuation assessed for stamp duty purposes exceeds Rs 620 crore, reflecting the site’s strategic location and development potential. The parcel spans roughly 17,400 square metres and includes a mix of built forms a chawl housing over 40 tenants, a residential building, and multiple bungalows. Among the structures is a well-known private residence long associated with a senior political leader, adding a layer of public visibility to the project. Under the redevelopment framework, the land-owning trust is to receive a defined share of the constructed area in RERA carpet terms, along with dedicated parking and a percentage participation in the overall development component. Regulatory documentation also records the requirement of a substantial bank guarantee and security deposit, signalling the scale and financial complexity of the undertaking.
Importantly, a portion of the larger landholding is excluded from the development scope, while a sizeable tract is proposed to be handed over to the state housing authority, MHADA. Such allocations are consistent with Mumbai’s redevelopment model, where private projects often intersect with public housing obligations. Urban planners say projects in Malabar Hill and adjoining precincts are not merely luxury real estate plays but also opportunities to upgrade ageing housing stock and infrastructure networks. Much of South Mumbai’s built environment dates back decades, with limited seismic retrofitting, parking, or modern waste and water systems. Sensitive redevelopment can improve building safety, energy efficiency and service integration in these high-density yet infrastructure-stressed areas. At the same time, redevelopment in heritage-adjacent zones requires navigating stringent planning controls, coastal regulation norms and community expectations. Tenant rehabilitation, transit accommodation and equitable distribution of built-up space remain central to avoiding protracted disputes.
For Macrotech Developers Limited, the acquisition strengthens its pipeline in a micro-market where land supply is scarce and demand remains resilient despite cyclical slowdowns. For the city, the project will test how premium redevelopment can align with broader goals of safer structures, upgraded civic infrastructure and balanced urban growth in one of Mumbai’s most iconic neighbourhoods.
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