MHADA auctions five plots for over ₹192 crore in Mumbai, Medanta Hospital secures Oshiwara plot for ₹125 crore

Out of the five plots that were auctioned by the MHADA's Mumbai Board, four plots were reserved for educational uses, and one for health purposes

Published on: Jul 16, 2024, 21:44:40 IST

By Mehul R Thakkar

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The Maharashtra Housing and Area Development Authority (MHADA) has auctioned five plots in Mumbai for over ₹192 crore.

The Maharashtra Housing and Area Development Authority’s (MHADA) auction of five plots in Mumbai has fetched over ₹192 crore. (Representational photo) (Parveen Kumar/Hindustan Times)

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.

ABOUT THE AUTHOR
Mehul R Thakkar
Mehul R Thakkar is a Mumbai-based journalist who closely tracks the city’s ever-evolving real estate landscape. He believes that Mumbai presents a unique reality that, while Mumbaikars deeply aspire to own a home in the city of dreams, many spend little actual time living in it due to long commutes and demanding work lives. With over 11 years of experience in journalism, I have reported across a wide spectrum of beats, including real estate, housing, infrastructure, aviation, and education. I have also extensively covered the workings of India’s wealthiest civic body, the Brihanmumbai Municipal Corporation (BMC), providing insight into the policy, governance, and urban planning decisions that directly influence Mumbai’s growth. Before joining Hindustan Times, I worked in fast-paced digital and print newsrooms, including Moneycontrol.com and Deccan Chronicle, as well as national dailies such as The Asian Age and DNA. Outside the newsroom, I am an avid weather tracker, a fan of spy thrillers in both books and films, and a keen follower of international affairs.Read More

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