Real estate firm Lodha, registered as Macrotech Developers, is set to acquire a 3.4-acre land parcel in Jogeshwari West locality of Mumbai from pharmaceutical company Unichem Laboratories for over Rs 279 crore.

The property, located at Prabhat Estate off Swami Vivekananda Road, previously served as Unichem’s registered office but had no business operations conducted from it. Unichem has already relocated its office to Kandivali West. While the deal is yet to be finalised and officially registered, Unichem’s Board of Directors has approved the land’s monetisation.

The acquisition aligns with Lodha’s strategy to expand its presence in Mumbai’s western suburbs, where it has already undertaken projects in Borivali, Kandivali, Andheri, Versova, Malad, and Juhu. Lodha is expected to develop the Jogeshwari land into a premium residential project.

This move is part of the company’s broader expansion strategy, which saw it adding eight new projects across the Mumbai Metropolitan Region (MMR), Bengaluru, and Pune in the first nine months of the 2024-25 financial year, amounting to a gross development value of Rs 19,500 crore. The land had been solely used for office purposes and had no business activities.