Singapore's Mapletree Investments buys land in Mumbai for Rs 525 crore

In one of the biggest land deals in the country this year, Mapletree Investments of Singapore has bought a 7-acre land parcel in the Vikhroli area of Mumbai for Rs 525 crore, said people in the know.
 

The Kanakia group, from which Mapletree did the purchase, had bought the plot from India Tube Mills and Metal (ITM) Industries for Rs 363 crore in 2018.
 

The price paid by Mapletree is fair, given that land prices in Vikhroli hover in the region Rs 50-55 crore an acre, consultants said.
 

Though the acquisition price comes to around Rs 75 crore per acre,