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