Temasek and TPG-backed hospital chain operator tManipal Health Enterprises Limited has acquired the Khubchandani Hospital property in Andheri for ₹495 crore in one of the biggest healthcare real estate transactions in India so far this year, according to property registration documents accessed by CRE Matrix.
The transaction was registered on May 6, with stamp duty of ₹29 crore paid for the deal.
The transaction involves a land parcel measuring 752.77 square metres along with a hospital structure spread across a built-up area of 20,663.80 square metres in Andheri, Mumbai.
The sellers in the transaction are:
Khubchandani Hospitals Private Limited,
Khubchandani Properties and Investment Private Limited,
and Perfect Realty Private Limited,
while the buyer is Manipal Health Enterprises Limited, formerly known as Manipal Health Enterprises Private Limited.
The latest deed acts as the final leg of a larger acquisition process that began in 2024. At that time, Manipal had already executed an earlier conveyance deed worth ₹413 crore for the primary hospital land and a major portion of the building. That deal involved a majority share of the 10,590 sq m hospital land parcel and the main hospital building.
However, certain portions of the property and associated development rights had remained pending.
The newly executed 2026 deed formally transfers:
an additional 752.77 sq m plot that was not included earlier,
Block B hospital floors from the service floor to the 9th floor,
and all balance Floor Space Index (FSI), Transferable Development Rights (TDR), and future development potential linked to the hospital land
A major portion of the transaction value comes from the hospital structure itself.
As per the agreement:
the service floor and 4th to 8th floors, spanning nearly 17,183 sq m, were valued at ₹453 crore,
while the balance portion of the 9th floor, measuring roughly 3,300.80 sq m, was valued at ₹34 crore.
The additional land parcel alone was valued at ₹8 crore, implying a land rate of around ₹1.11 lakh per square metre.
The total built-up hospital area transferred under this deed stands at more than:
20,663 sq m,
or roughly:
over 2.2 lakh sq ft
The hospital complex, spread across nearly 2.61 acres, has a built-up area of more than 20,000 sq m.
With this acquisition, Manipal now fully owns:
the land,
the hospital building,
and all future redevelopment potential attached to the property.