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K Raheja Corp Real Estate Pvt Ltd, a prominent Mumbai-based developer, has purchased a 5.75-acre land parcel in Kandivali East's Ashok Nagar for INR 466 crore, as per documents accessed via CRE Matrix. The acquisition, finalised recently, involved a stamp duty payment of INR 3.17 crore. The company has paid INR 210 crore as a deposit, with a five-year timeline to obtain necessary approvals from the Brihanmumbai Municipal Corporation (BMC). This deal is part of K Raheja Corp's consistent efforts to strengthen its presence in Mumbai's real estate market.
Mumbai-based real estate developer K Raheja Corp Real Estate Pvt Ltd has purchased a 5.75-acre plot in Kandivali East's Ashok Nagar area for INR 466 crore, according to real estate data analytics platform CRE Matrix. The transaction was concluded recently, with a stamp duty payment of INR 3.17 crore made to Global e-Service Pvt Ltd, formerly known as The New Vinod Silk Mills. K Raheja Corp has not disclosed its plans for the acquired plot. Advertisement
K Raheja Corp has paid INR 210 crore as a deposit, with the agreement stipulating a five-year 'stop date.' Within this period, K Raheja Corp is required to secure approvals, such as the Intimation of Development (IOD) from the Brihanmumbai Municipal Corporation (BMC), to complete the transaction and settle the remaining amount with the seller. This timeline extends up to December 2029.
Over the past few years, K Raheja Corp has actively acquired strategic properties across Mumbai, strengthening its foothold in the competitive real estate market. For instance, in mid-2024, the company acquired The Bayside Mall and Popular Press in Tardeo, near Haji Ali Junction. In 2024, K Raheja Corp Real Estate also acquired the land and buildings of Crossroad Condominium in Mumbai's Haji Ali area, previously home to Sobo Central Mall owned by a Kishore Biyani company, for Rs 476 crore as part of a debt resolution plan for non-performing assets.
In June 2023, it acquired a 3.72-acre plot on Lal Bahadur Shastri Road in Mulund West for INR 130 crore, aiming to develop a premium residential project. The same month, the company partnered with Cinevista Limited to develop a 3.91-acre studio space in Kanjurmarg for INR 78.35 crore. In 2022, it purchased the iconic BR House, the Juhu residence of filmmaker BR Chopra, for INR 182.75 crore.
The present purchase of land in Ashok Nagar fits into the criteria of prime locations targeted by the builder. Ashok Nagar, situated between Kandivali railway station and the Western Express Highway, offers a strategic location for real estate development. Over the past two decades, this micro-market has seen numerous redevelopment projects, aided by the upcoming Metro Line 7, which promises enhanced connectivity. Kandivali East is a sought-after locality due to its proximity to the Western Express Highway and the Metro. Major developers, including Kalpataru, Lodha, Godrej, Oberoi Realty, and Hiranandani Group, have ongoing projects in the area. Residential property prices in Kandivali range from INR 30,000 to INR 40,000 per square foot, according to local brokers.
A similar property transaction was reported in 2024 when automobile manufacturer Mahindra and Mahindra Limited sold 20.5 acres of land in Kandivali for INR 210 crore. The buyer, Blueprintify Properties Pvt Ltd, is a part of Pune-based Rucha Group. This transaction was registered earlier in mid-2024.
As K Raheja Corp continues its aggressive expansion, its latest purchase underscores the company's long-term vision and confidence in the city's growing demand for premium real estate.
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