Manipal Health Enterprises has acquired the Khubchandani Hospital property in Mumbai’s Andheri locality for ₹495 crore, marking one of India’s largest healthcare real estate transactions this year.
According to property registration documents accessed by CRE Matrix, the transaction was officially registered on May 6, with stamp duty payments amounting to nearly ₹29 crore.
The acquisition includes a land parcel measuring 752.77 square metres along with a hospital structure spread across a built-up area of over 20,663 square metres (around 2.2 lakh sq ft) in Andheri, Mumbai.
The sellers in the transaction include Khubchandani Hospitals Private Limited, Khubchandani Properties and Investment Private Limited, and Perfect Realty Private Limited.
The deal represents the final phase of a broader acquisition process initiated in 2024. Earlier, Manipal Health had executed a separate conveyance deed worth ₹413 crore for the primary hospital land parcel and a major portion of the building.
However, some sections of the property and associated development rights had remained outside the earlier transaction.
The newly executed deed transfers:
- An additional 752.77 sq m land parcel
- Block B hospital floors from the service floor up to the 9th floor
- Remaining Floor Space Index (FSI), Transferable Development Rights (TDR), and future redevelopment rights associated with the property
A significant portion of the transaction value came from the hospital infrastructure itself.
As per the agreement:
- The service floor and 4th to 8th floors, spanning around 17,183 sq m, were valued at approximately ₹453 crore
- The remaining part of the 9th floor, measuring around 3,300 sq m, was valued at nearly ₹34 crore
- The additional land parcel was valued at about ₹8 crore
The hospital complex spans nearly 2.61 acres and includes extensive parking infrastructure with around 180 enclosed parking spaces and more than 200 mechanical stack parking spaces.
Following the acquisition, Manipal Health now gains complete ownership of the land, hospital building, and all future redevelopment potential linked to the property.
Backed by investors including Temasek and TPG, Manipal Health has been actively expanding its healthcare footprint across India through acquisitions and capacity additions.
The transaction also highlights the growing investor interest in healthcare real estate, a segment increasingly witnessing large-scale investments amid rising demand for premium healthcare infrastructure in metro cities.
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