According to property registration documents obtained by CRE Matrix, Mumbai-based K Raheja Corp has agreed to pay Rs 466 crore for 5.75 acres of land in the Kandivali neighbourhood of Mumbai.
Market reports claim that K Raheja Corp intends to use the land piece for the development of a residential complex. The developer purchased the land from Global E-Service Private Limited, formerly known as The New Vinod Silk Mills. The agreement was signed on December 22, 2024, and the lot is situated in Kandivali East on Ashok Chakravarty Road.
In addition to agreeing to a five-year “stop date,” K Raheja Corp has given the seller a deposit of Rs 210 crore. This implies that to finish the transaction and give the seller the remaining sum, K Raheja Corp must obtain the necessary approvals in the form of the Intimation of Development (IOD) from the Mumbai Civic Body, also known as the Brihanmumbai Municipal Corporation (BMC), within five years (until December 2029).
The documents state that the entire time needed to finish the transaction will also affect the consideration value. For instance, the total consideration value will be Rs 422 crore if the deal is finalised between November 2025 and January 2026. However, the consideration value will increase to Rs 466 crore if the deal is finished by the maximum limit, which is December 2029.
Given that the consideration value is Rs 466 crore plus interest from the fixed deposit of the Rs 210 crore security deposit given by the developer (K Raheja Corp) to the seller, the paperwork revealed that the company had paid Rs 31.74 crore in stamp duty.
In the meantime, K Raheja Corp and Global e-service Pvt Ltd received an email inquiry. The copy will be revised if a response is obtained.
According to documents obtained by CRE Matrix, in August 2024, K Raheja Corp paid 355 crore to AAA Holding Trust for two prestigious properties in Mumbai’s exclusive Tardeo neighbourhood: the Popular Press Building and Bayside Mall, through its Ivory Property Trust.
The Kandivali East neighbourhood has easy access to a metro and the Western Express Highway (WEH). The region is home to developments from a number of developers, including Kalpataru, Lodha, Oberoi Realty, and Hiranandani Group. Local brokers claim that residential homes in Kandivali cost between Rs 30,000 and Rs 40,000 per square foot.
Automobile giant Mahindra & Mahindra Limited sold 20.5 acres of land in Mumbai’s Kandivali neighbourhood for Rs 210 crores in 2024, according to documents obtained by CRE Matrix.
The documents show that Blueprintify Properties Pvt Ltd, a division of the Pune-based Rucha Group real estate company, purchased the site. The documents show that the transaction was registered on July 24, 2024.
Source: Hindustan Times
