Major land acquisition in Mumbai
Mumbai-based developer K Raheja Corp has finalised a significant deal to purchase 5.75 acres of prime land in Kandivali East for ₹466 crore. The agreement, documented in property registration records accessed by CRE Matrix, signals the company’s intention to develop a residential project on this sought-after parcel.
Key details of the agreement
The land, sold by Global E-Service Private Limited (formerly The New Vinod Silk Mills), is strategically located on Ashok Chakravarty Road, Kandivali East. The transaction, inked on 22 December 2024, involves an initial deposit of ₹210 crore paid by K Raheja Corp.
Under the terms of the deal, the developer has up to five years, until December 2029, to secure necessary approvals, such as the Intimation of Development (IOD) from the Brihanmumbai Municipal Corporation (BMC). The final consideration value will depend on the time taken to complete the transaction. If completed between November 2025 and January 2026, the value will be ₹422 crore; by December 2029, it will reach ₹466 crore.
The deal also incurred a stamp duty of₹31.74 crore, based on the₹466 crore consideration value and interest from the security deposit.
Previous acquisitions by K Raheja Corp
This acquisition follows K Raheja Corp’s purchase of two high-value properties in Tardeo in August 2024. The Bayside Mall and Popular Press Building were acquired for ₹355 crore through Ivory Property Trust from AAA Holding Trust.
Kandivali East: A growing residential hub
Kandivali East, well-connected by the Western Express Highway and the metro network, has become a hotspot for luxury residential developments. Leading developers like Kalpataru, Lodha, Oberoi Realty, and the Hiranandani Group already have projects in the area. Local brokers estimate residential property prices here range from ₹30,000 to ₹40,000 per square foot.
Property deals surge in 2024
This transaction aligns with the broader trend of increased land deals across India. In 2024, land transactions surged by 47% year-on-year, with over 2,000 acres traded in the top eight cities, according to a CBRE South Asia report. Delhi-NCR led with nearly 40 land deals, while Mumbai, Bengaluru, Chennai, and Pune saw robust activity.
A similar deal in Kandivali
Earlier in 2024, Mahindra and Mahindra Limited sold 20.5 acres of land in Kandivali for ₹210 crore to Blueprintify Properties Pvt Ltd, a subsidiary of Pune-based Rucha Group. This transaction was registered in July 2024.
K Raheja Corp’s acquisition underscores the growing demand for premium residential developments in Mumbai’s metropolitan regions, with Kandivali emerging as a prime area for investment and growth.
