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The Mumbai Khadi & Village Industries Association (MKVIA) has sold a 3.84-acre land parcel in Borivali (West) for INR 539 crore to a local developer, highlighting rising land demand in Mumbai's suburbs. The buyer has paid INR 52 crore upfront, with the balance tied to project milestones and final occupancy. Originally under occupancy class-II, the land was converted to freehold (class-I) after MKVIA paid a INR 51.7 crore premium. The sale followed a formal auction process and regulatory approvals. The site is expected to host a residential-led mixed-use development, leveraging Borivali's robust infrastructure and growing end-user demand.
The Mumbai Khadi & Village Industries Association (MKVIA) has sold a 3.84-acre land parcel in Borivali (West), a western suburb of Mumbai, for INR 539 crore to a local real estate developer. This high-value transaction reflects the growing appetite for land in Mumbai's residential and commercial hubs, especially in suburbs with strong infrastructure connectivity. Advertisement
According to sources, the buyer has already paid INR 52 crore as the first tranche of the transaction. The remaining INR 487 crore will be paid in staggered phases, depending on the construction milestones achieved by the developer. The final payment will be linked to the completion of full occupancy certification or within 1,260 days of executing the conveyance deed-whichever comes earlier.
MKVIA previously held the land under occupancy class-II, which limited transfer or sale without prior government approval. However, in 2024, MKVIA applied to convert the land to occupancy class-I, which allows freehold ownership and enables sales or transfers without government interference. After paying a premium of INR 51.7 crore, the association was allowed to proceed with the sale.
The land parcel sale underwent a formal bidding process, with necessary permissions secured from the charity commissioner and the Maharashtra Public Trusts Act. The land was auctioned, and the deal was closed after the issuance of conveyance and registration orders in April and May 2024, and the final documentation is expected to be completed by January 8, 2025.
India's real estate sector has seen a surge in land deals recently, as developers and institutional investors look to expand in urban markets. The Borivali transaction is expected to be used for a residential-led mixed-use development, given the high potential of the area and strong end-user demand.
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