India, July 11 -- Peninsula Land, part of the Ashok Piramal Group, has acquired 40 acres of land in Alibaug and Karjat near Mumbai. The company said the acquisition marks a significant expansion of its footprint in high-potential micro-markets, fuelled by increased connectivity and a surge in demand for buying land within a short drive from Mumbai.

Peninsula Land has joined a growing list of developers-including Lodha Developers, Oberoi Realty, Hiranandani Communities, Mahindra Lifespaces, House of Abhinandan Lodha (HoABL), Zen Group, Emaar, Alyf, Brego Land, and Earth Builders-who have already marked their presence in the region, according to a Hindustan Times Report.

The company said it has acquired 11 acres in Alibaug's Sogaon and 29...