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Major realty deal: K Raheja Corp buys prime Mumbai land for Rs 466 crore

The agreement includes the sale of all pieces and parcels of land along with an existing building on the 5.75-acre site

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Sunainaa Chadha New Delhi

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Real estate major K Raheja Corp Real Estate Pvt Ltd has bought a 5.73 acre land parcel located on Ashok Chakravarty Road in Kandivali East in Mumbai for Rs 466 crore. The seller is Global e-Service Pvt Ltd ( formerly known as The New Vinod Silk Mills) and the transaction is valued at  Rs 4,660,000,000 , according to property documents accessed by  CRE Matrix, a real estate data analytics firm.
 
The agreement includes the sale of all pieces and parcels of land along with an existing building on the 5.75-acre site. The deal, concluded on December 22, 2024, also involved a considerable stamp duty of Rs 31,740,000 (around Rs 3.17 crore), emphasizing the land's high valuation.
 
 
The deal encompasses 5.75 acres of land situated on the bustling Ashok Chakravarty Road, known for its strategic location and accessibility.
 
Last month, K Raheja Corp bought two prime properties - Bayside Mall and the Popular Press Building - in Mumbai’s posh Tardeo area through its Ivory Property Trust from AAA Holding Trust for Rs 355 crore, documents accessed by CRE Matrix showed.
 
The Bayside Mall includes a land area of 1216.29 sq m while the land at Popular Press measures 1070.24 sq m.
 
Ivory Property Trust paid a stamp duty of Rs 21.30 crore for the deal registered on August 13, 2024, documents shared by the real estate data analytics firm showed.
 
Bayside mall land and building comprises a basement, ground and two upper floors and the Popular Press building comes with ground, first and second floor, including the garage, the Agreement for Sale documents showed.
 
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.
 

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First Published: Jan 14 2025 | 11:36 AM IST

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