K Raheja Corp Acquires Kandivali East Land for Rs 4.66 Billion

16 Jan 2025 CW Team

K Raheja Corp Real Estate Pvt Ltd has acquired a 5.73-acre land parcel on Ashok Chakravarty Road in Kandivali East, Mumbai, for Rs 4.66 billion. The land was purchased from Global e-Service Pvt Ltd, formerly known as The New Vinod Silk Mills, according to property documents accessed by CRE Matrix, a real estate data analytics firm.

The deal, finalised on December 22, 2024, includes the sale of the entire land parcel and an existing building on the site. The transaction also involved a significant stamp duty payment of Rs 31.7 billion, underscoring the premium valuation of the property.

The acquired land is located in the bustling Kandivali East area, a region known for its strategic location and connectivity. The 5.73-acre parcel is poised to enhance K Raheja Corp’s real estate portfolio.

Additionally, CRE Matrix reported that the Bayside Mall property includes 1,216.29 sq. m. of land, while the Popular Press property spans 1,070.24 sq. m. The Bayside Mall comprises a basement, ground floor, and two upper floors, while the Popular Press building features a ground floor, first floor, and second floor, along with a garage.

In 2024, K Raheja Corp Real Estate made another significant acquisition in Mumbai, purchasing the land and buildings of Crossroad Condominium in the Haji Ali area for Rs 4.76 billion. The property, previously home to the Sobo Central Mall owned by a Kishore Biyani company, was acquired as part of a debt resolution plan for non-performing assets.

These strategic acquisitions highlight K Raheja Corp’s continued expansion in Mumbai’s prime real estate market, reinforcing its position as a leading real estate developer in India.

(Business Standard)

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