Land and Approvals
Sobha Completes Chandivali Land Purchase, Moves Project to Design and Approvals
On 19 October 2026, Sobha Limited said its land acquisition at Chandivali in Andheri East, Mumbai, is complete and the project has moved to design, with approvals to follow. The company gave no dates for the next steps and no Chandivali-specific price or area on the call.
| Announced | 19 October 2026, on the Q2 FY27 earnings call |
|---|---|
| Who said it | Jagadish Nangineni, Managing Director, Sobha Limited |
| Status as of 20 October 2026 | Land acquisition complete; project at design stage; approvals next |
| Location | Chandivali, Andheri East, Mumbai |
| H1 FY27 land payments | About Rs 987 crore, of which about 30% settled old dues on existing projects |
| Land additions: estimated GDV | About Rs 9,000 crore to Rs 10,000 crore (management estimate for the new land added) |
| H1 FY27 sales value | Rs 5,862 crore, up 47.2% year on year |
| Q2 FY27 consolidated net profit | Rs 33 crore, down 54.8% from Rs 73 crore a year earlier |
| Q2 FY27 revenue | Rs 967 crore, down 31.3% from Rs 1,408 crore a year earlier |
What happened
On 19 October 2026, during the Q2 FY27 earnings call, Jagadish Nangineni, Managing Director of Sobha Limited, said the Chandivali land acquisition is complete and the project is now at the design stage. Approvals come next.
The statement was made in reply to a question from Biplab Debbarma of Emkay Global, who asked whether Chandivali had been added to the company's land bank. The management's answer was yes.
The same day, Sobha reported its Q2 FY27 and H1 FY27 results. The company called the half-year its strongest in its history, with sales value of Rs 5,862 crore.
The Chandivali deal in numbers
Sobha has not put the Chandivali deal into a separate exchange filing or press release. The confirmation comes from the earnings-call transcript.
On the call, management did not give a project-level gross development value (GDV) for Chandivali. An analyst had asked whether the project's GDV would be about Rs 1,000 crore or Rs 800 crore. Management did not confirm either figure.
For the company as a whole, management said the new land added in H1 could support about Rs 9,000 crore to Rs 10,000 crore of GDV. The land added in H1 included three more parcels in Bengaluru and one parcel in Mumbai, along with the Chandivali purchase, and the company also added land in Gurugram.
Where the land money went
Sobha spent about Rs 987 crore on land in H1 FY27. Management said about 30% of that went to settling old dues on existing projects, and that this settlement is now fully complete. The rest went to new land purchases and consolidation.
Management said future land-related cash outflow will go to new land additions.
Company context
Sobha Limited is listed on the NSE under the symbol SOBHA. As of H1 FY27, the company reported gross debt of Rs 1,505 crore and cash equivalents of Rs 1,827 crore, which gives a net cash position of about Rs 322 crore. Its credit rating is AA-.
In H1 FY27, Sobha completed 1,391 homes totalling 2.56 million sq ft across 17 wings or blocks.
Cash flow was weaker than sales. Net cash flow after land and financing outflows was negative Rs 486 crore in H1 FY27. Q2 FY27 consolidated net profit fell 54.8% year on year to Rs 33 crore, and revenue fell 31.3% to Rs 967 crore.
Earlier in 2025, Sobha and Landmark Developers bought a 2.11-acre plot on Jerbai Wadia Road in Parel, Mumbai, for Rs 423.38 crore. The deal was registered on 23 January 2025. Sobha's share was 21,621.24 sq m for Rs 211.32 crore.
The project: Sobha Chandivali
Sobha Chandivali is described as a luxury residential project in Chandivali, Andheri East, with 2, 3 and 4 BHK apartments. Sobha's own statement on the call covered only the land and design stage. It did not confirm unit sizes, a launch date or a RERA registration number.
Listing sites that are not official Sobha sources give different unit sizes, starting prices and possession dates. They put possession at December 2030 and describe the project as upcoming with RERA approval under process. Their price figures conflict: one gives a starting price of Rs 2.70 crore, while another gives Rs 3.80 crore onward for 3 BHK and Rs 6.11 crore onward for 4 BHK. Buyers should check price, configuration, RERA registration and possession with the developer and the regulator before relying on any of these figures.
Location
Chandivali lies in north central Mumbai, between Powai Lake and Saki Naka. It has access to the Eastern Express Highway and the Western Express Highway, and the international airport is nearby.
The area is served by the Saki Naka metro station on the Versova-Andheri-Ghatkopar corridor (Metro Line 1). Powai's commercial hub and IT/ITeS employment are among the main sources of housing demand in the wider area, and the Ghatkopar-Chandivali stretch is developing as a small business hub.
What it means for buyers and investors
For buyers, the announcement confirms that the land is secured and the project is in design. It does not set a launch date, a price or a RERA filing date. Management said project approvals are highly time-sensitive and could delay launches.
For investors, the main points are the scale of the company's land spend, the share of that spend that went to old dues, and the pending regulatory matter. The Enforcement Directorate has provisionally attached land parcels valued at Rs 2,016.05 million (about Rs 201.6 crore) held by subsidiary Technobuild Developers Private Limited. The company is appealing the order.
What comes next
The next steps for Chandivali are design, followed by approvals. The call gave no dates for either step, and no RERA filing date has been announced.
Management said eight projects are lined up for the second half of FY27, with about 12 million sq ft and Rs 18,000 crore of sales potential. It said timing is tight but approvals are at advanced stages. Sobha expects FY27 deliveries of about 6 million sq ft, with 3.5 million sq ft planned for H2.
Frequently asked questions
What did Sobha announce about Chandivali?
On 19 October 2026, during its Q2 FY27 earnings call, Sobha's Managing Director Jagadish Nangineni said the Chandivali land acquisition is complete, the project has moved to design, and approvals will follow.
Has Sobha disclosed the price paid for the Chandivali land?
No. The confirmation came through the earnings call, and the call did not give the land price, parcel area or seller for Chandivali.
Has Sobha given a GDV for the Chandivali project?
Management did not give a project-level GDV for Chandivali on the call. It gave an estimate of about Rs 9,000 crore to Rs 10,000 crore for the new land added across the company in H1 FY27.
When will Sobha Chandivali launch?
No launch date has been announced. The project is at the design stage, and approvals must come first.
Is there a RERA registration for Sobha Chandivali?
No RERA registration has been confirmed in the company's statements. Listing sites that are not official sources describe RERA approval as under process. Buyers should check the regulator's records directly.
Does the Enforcement Directorate action affect Sobha's Mumbai projects?
The Enforcement Directorate has provisionally attached land parcels valued at Rs 2,016.05 million held by subsidiary Technobuild Developers Private Limited. The company is appealing the order. The call did not link this to the Chandivali project.