Sobha completes Chandivali land acquisition; design work begins
The Mumbai project is moving to design, with approvals next; Sobha has not announced a project-specific GDV or timeline for those steps.
Key points
- Sobha said the Chandivali land acquisition is complete and design work is under way.
- The company said approvals are the next step but gave no dates for them.
- Sobha did not disclose a Chandivali-specific gross development value.
- H1 FY27 land payments were about ₹987 crore, including payments to settle old dues.
Sobha Limited has completed its land acquisition for a residential project in Chandivali, Mumbai, and moved the development to the design stage, Managing Director Jagadish Nangineni said on 19 October 2026 during the company’s Q2 FY27 earnings call. Approvals are next, but the company did not give a timeline for them.
The statement confirms the project’s progress from land acquisition to planning, but does not establish when construction or sales will begin. Chandivali is in Andheri East, between Powai and Saki Naka. Sobha did not disclose the land’s area, purchase price or seller in the call.
No project-specific value disclosed
Nangineni was responding to an analyst’s question about whether the company had added Chandivali to its land portfolio. The analyst also asked whether the project’s gross development value (GDV) would be about ₹800 crore or ₹1,000 crore. Management did not provide a Chandivali-specific estimate. GDV is the expected value of a project’s sales, rather than the developer’s profit.
Sobha said its land additions during the first half of FY27 could support roughly ₹9,000 crore to ₹10,000 crore in GDV across the additions. That figure covers multiple land additions, not Chandivali alone. The company said it had added land in Bengaluru, Gurugram and Mumbai during the half-year, including three more parcels in Bengaluru and one parcel in Mumbai.
Sobha paid about ₹987 crore for land during H1 FY27. Management said about 30% of the amount went towards settling old dues on existing projects, and that those settlements are now complete. The rest supported new land purchases and consolidation. It said future land-related cash outflows would go towards new land additions.
Approvals remain the next milestone
The design and approval stages will determine when Sobha can set out further project details. The company said approvals can be time-sensitive and may affect launch timing. It gave no dates for Chandivali’s approvals, launch or sales, and the call did not announce a change to pricing or a possession schedule. Buyers should therefore wait for the company’s formal project details and required regulatory disclosures before relying on advertised configurations, prices or timelines.
The Mumbai update came as Sobha reported its Q2 and H1 FY27 results on 19 October. Its exchange filing showed consolidated revenue of ₹967 crore for the September quarter, down 31.3% from ₹1,408 crore a year earlier. Net profit fell 54.8% to ₹33 crore from ₹73 crore. For H1 FY27, the company reported sales value of ₹5,862 crore, up 47.2% year on year.
The Chandivali project is part of Sobha’s wider land pipeline, but the company has not linked it to a specific sales target. Management said eight projects were lined up for H2, with about 12 million square feet and ₹18,000 crore in sales potential; those figures cover the pipeline, not Chandivali alone. The next milestone to watch for the Mumbai project is the outcome of its approval process.
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