Runwal Acquires Mumbai Land Parcel from Nerolac Paints for Rs. 726 Crore

Kansai Nerolac Paints, an Indian paint manufacturing company, has confirmed the sale of its property in Mumbai’s Lower Parel to real estate firm Runwal Realty. The sale, which includes a plot of land and a building, is worth Rs 726 crore.

“This is further to our letter dated 26th December 2023 informing that the Board of Directors of the company had approved a proposal for agreeing sale with Aethon Developers, a subsidiary of Runwal Realty (purchaser), for the sale of the company’s land parcel at Lower Parel together with building thereon,” according to a stock exchange filing.

According to sources, Runwal Realty intends to build a premium residential complex on the land tract, with a revenue potential of over Rs 8,000 crore.

Runwal said in August of this year that it had purchased a four-acre property parcel in Kanjurmarg, Mumbai’s north-eastern suburbs, for Rs 232 crore. It had bought the land from tile maker Nitco.

Source: Construction Week

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