K Raheja Corp acquires a 5.75 acre plot parallel to a constructed property in Mumbai’s Kandivali. The immovable asset in the western suburb of Kandivali East scored a purchase value of Rs. 466 Crore.
The sister company K Raheja Corp Real Estate signed the purchase deal with Global e-Service, previously known as The New Vinod Silk Mills, for a land parcel and a building called Vinod House.
According to CRE Matrix, a real estate data analytics platform, K Raheja group paid a stamp duty of Rs. 31.74 Crore for the registry. The sources are to be believed that the developer plans luxury residential property on the plot and is likely to move an application for required sanctions.
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K Raheja group also made an initial payment of Rs. 200 Crore to Global e-Service and will make the remaining payments once gets the sanction nod. According to the agreement, the developer holds a 5-year period for sanctioning permissions.
In the last couple of months, it is the fourth deal by K Raheja Corp. In December 2024, the developer purchased two key properties- Bayside Mall, one of India’s early Shopping malls. Another is a popular press building, widespread in more than half an acre in South Mumbai’s Tardeo. Both deal totals up to more than Rs. 355 Crore.
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K Raheja Corp plans Expansion Multiple Property Purchases Since 2024
Earlier in 2024, the developer acquired SOBO Central Mall. It is India’s maiden mall spread across 1.3 acres in South Mumbai’s Haji Ali locale. The property was bought from Kishore Biyani’s Bansi Mall Management Company for Rs. 476 Crore.
It was an NPA asset for Canara Bank for debt recovery and will now be redeveloped as an ultra-luxurious residential property.
In the last few years, Mumbai real estate has witnessed high property demand across the top eight Indian cities. With maximum real estate transactions in Prabha Devi and Worli, South Mumbai, the city has emerged as a top leader.
