Runwal Group to acquire Cable Corporation land in Mumbai for Rs 550 crore

Mumbai-based property developer Runwal Group is in final stages of buying 8.8 acres of land in Borivali area of Mumbai from Cable Corporation of India (CCI) for Rs 550 crore or Rs 62.5 crore per acre, said sources in the know. This will be one of the biggest land sales in the country this year.

The land was part of 22 acres mortgaged by CCI with Indiabulls Housing Finance, of which CCI has sold 8.8 acres. CCI owed around Rs 300 crore to Indiabulls.

“CCI was in talks with many parties, but finally agreed to do the deal with Runwal," said sources.