Mumbai: Temasek and TPG-backed hospital chain operator Manipal Health Enterprises has acquired a hospital property in Mumbai’s western suburb of Andheri for Rs 495 crore in one of the biggest healthcare real estate transactions in the country so far this year, according to property registration documents reviewed by ET.
The transaction involves a land parcel measuring around 0.19 acre along with an operational hospital building spread across a built-up area of nearly 2.22 lakh sq ft in Andheri East. This is the second leg of the transaction that takes the value of the entire deal to Rs 908 crore.
The primary hospital land parcel, constituting a majority of the 2.62-acre area, along with the main hospital building, had already been sold to Manipal through an earlier transaction registered in 2024, under which the company had paid Rs 413 crore.
The property was acquired from a consortium of sellers comprising Khubchandani Hospitals, Khubchandani Properties and Investment and Perfect Realty. The second tranche of the entire transaction, concluded on May 6, has attracted a stamp duty payment of Rs 29.22 crore, showed the documents accessed through CRE Matrix, a realty data analytics platform.
The transaction underscores the continued appetite among large healthcare operators for strategic hospital assets in key urban centres, particularly Mumbai, where the availability of large operational healthcare facilities remains limited amid rising demand for tertiary care infrastructure.
Healthcare and hospital-focused real estate transactions have gained momentum over the past few years as leading hospital chains look to strengthen their presence in high-density metropolitan markets through acquisitions and long-term expansion strategies.
Manipal Health Enterprises, formerly known as Manipal Health Enterprises Pvt Ltd, has been expanding its footprint across major Indian cities through a mix of acquisitions, brownfield expansions and operational scaling of existing facilities.
Manipal Hospitals, among India’s largest healthcare providers, expanded its nationwide footprint following the acquisitions of AMRI Hospitals in September 2023 and Medica in April 2024. The combined network now operates 37 hospitals across 19 cities with a capacity of more than 10,500 beds, serving over 7 million patients annually.
ET’s email query to Manipal Health Enterprises remained unanswered.
Mumbai has emerged as a key market for healthcare operators amid increasing demand for specialised treatment facilities, medical tourism and integrated healthcare campuses. The city has also witnessed rising investor interest in healthcare-linked real estate assets, driven by stable occupancy levels and long-term growth prospects for organised hospital operators.
The latest acquisition adds to a series of large-value institutional and healthcare property transactions recorded in Mumbai over the past year, reflecting sustained demand for operational assets across sectors despite elevated property values in the country’s commercial capital.
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