Temasek-backed healthcare major Manipal Health Enterprises has completed the acquisition of a hospital property in Mumbai’s Andheri area through a transaction valued at ₹495 crore. The deal also involved stamp duty payments of ₹29.22 crore.
Property registration records reviewed through real estate analytics platform CRE Matrix show that the acquisition includes 752.77 square metres of land along with a hospital structure having a built-up area of 20,663.80 square metres.
As part of the agreement, the company paid ₹8 crore for the land parcel, ₹453 crore for the service floor and the fourth to eighth floors of the hospital building, and another ₹34 crore for the ninth floor. The transaction process had originally started in 2024.
Earlier documents from 2024 had already transferred the primary hospital land parcel and the main building to Manipal Health for ₹413 crore. With the latest purchase, the total value of the overall acquisition now stands at nearly ₹908 crore.
The latest deed was executed after delays caused by pending obligations from the sellers. The 2026 agreement finalised the transfer of the remaining portions of the hospital property.
The sellers in the transaction include Khubchandani Hospitals Private Limited, Khubchandani Properties and Investment Private Limited, and Perfect Realty Private Limited.
Along with the property acquisition, Manipal has also secured the remaining development rights, including balance floor space index (FSI) and transferable development rights (TDR), linked to the hospital land parcel. The transaction was officially registered on May 6, 2026.
The acquisition comes at a time when Manipal Health is preparing for a major public market debut. Earlier this year, the company submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an ₹8,000 crore initial public offering. The IPO will also feature an offer-for-sale component involving around 4.32 crore shares.
The latest Mumbai acquisition highlights the growing competition among private hospital chains to strengthen their footprint in key metro markets while expanding infrastructure and long-term healthcare capacity.