Bengaluru, Feb. 25 -- Real estate firm Lodha Developers Ltd has acquired the rights to develop an upscale housing project in south Mumbai's Malabar Hill, one of the country's priciest addresses, for Rs.106.12 crore.

According to the deal-related documents accessed via Propstack, a real estate data analytics firm, the agreement to sell (development rights) has been signed by the developer and the seller, Sorabji Kanga Charity Trust, through its trustees.

As part of the deal, Lodha will be entitled to develop 5,017 square metres of carpet area (saleable area), along with 150 car parking spaces and a 42.5% share in the trust overseeing the project.

The market value of the land is approximately Rs.621.71 crore, according to the deal docume...