Real estate developer Lodha, listed as Macrotech Developers, has signed an agreement to purchase a 3.4-acre land parcel in Jogeshwari West, a western suburb of Mumbai, from pharmaceutical company Unichem Laboratories for over ₹279 crore.
Located at Prabhat Estate off Swami Vivekananda Road, the property includes an 82,000 sq ft building previously serving as Unichem’s registered office.
Although the transaction is yet to be finalized and registered, Unichem’s board of directors has approved the decision to monetize the land. The book value of the property in the company’s financial records stands at approximately ₹2.18 crore.
Lodha has already developed projects in prominent western suburbs such as Borivali, Kandivali, Andheri, Versova, Malad, and Juhu.
In the first nine months of the 2024-25 financial year, the company added eight new projects across Mumbai Metropolitan Region (MMR), Bengaluru, and Pune, with a total gross development value of ₹19,500 crore. With this, Lodha has achieved over 90% of its full-year target.
In the December quarter, the company launched a new project in Bengaluru with a gross development value of ₹2,800 crore. This marks its fifth project in the city, which expects to drive substantial pre-sales growth starting next financial year.
Major metro cities like Mumbai, Delhi-NCR, and Bengaluru are witnessing record-high land transactions for luxury housing and mixed-use developments. Meanwhile, tier-2 cities are also gaining traction, attracting investments in residential projects, plotted developments, and warehousing.
