Peninsula Land purchases 40 acres of land in Alibaug and Karjat near Mumbai, plans plotted development project

Peninsula Land, part of the Ashok Piramal Group, has acquired 40 acres in Alibaug and Karjat near Mumbai. Plans to launch the project during the festive season

Peninsula Land, part of the Ashok Piramal Group, has acquired 40 acres of land in Alibaug and Karjat near Mumbai. The company said the acquisition marks a significant expansion of its footprint in high-potential micro-markets, fuelled by increased connectivity and a surge in demand for buying land within a short drive from Mumbai.

Peninsula Land, part of the Ashok Piramal Group, has acquired 40 acres of land in Alibaug and Karjat near Mumbai. (Picture for representational purposes only) (Pexels)

Peninsula Land has joined a growing list of developers—including Lodha Developers, Oberoi Realty, Hiranandani Communities, Mahindra Lifespaces, House of Abhinandan Lodha (HoABL), Zen Group, Emaar, Alyf, Brego Land, and Earth Builders—who have already marked their presence in the region, according to a Hindustan Times Report.

The company said it has acquired 11 acres in Alibaug's Sogaon and 29 acres in Karjat's Bhilawale.

The land purchases mark the first deployment from Peninsula’s recently launched ₹765 crore real estate platform—an equity partnership with Alpha Alternatives and Delta Corp, the company said.

“This marks the first deployment of capital from our real estate platform and represents a focused commitment to growing our plotted development business,” said Rajeev Piramal, CEO and managing director of Peninsula Land.

According to the company, the upcoming projects in Alibaug and Karjat will be positioned as premium plotted communities featuring modern infrastructure, curated amenities, and a secure living environment. The launch is likely to coincide with the festive season later this year.

The target audience includes NRIs, domestic and outstation investors, second-home buyers, and urban families seeking long-term lifestyle upgrades or luxury holiday homes—mirroring the profile tapped by other high-end projects in Alibag, the Hindustan Times report said.

Meanwhile, the scale and pace of development have sparked concerns among local residents and environmentalists.

Architect Pinakin Patel has been spearheading a campaign against the unregulated expansion, warning that Alibaug could lose its coastal charm to unchecked urbanisation. While improved road, rail, and sea connectivity has benefited locals, they fear that recent regulatory changes—permitting high-rises, townships, and luxury hotels—may transform Alibag into an unplanned concrete sprawl, Hindustan Times report added.