Land near Kora Kendra in Borivali sold for Rs 5.39 Bn
Real Estate

Land near Kora Kendra in Borivali sold for Rs 5.39 Bn

In a significant real estate transaction, the Mumbai Khadi & Village Industries Association (MKVIA) has sold four land parcels adjoining the iconic Kora Kendra grounds in Borivali West to Rishabraj Estate Developers for a total consideration of Rs 5.39 billion.

The cumulative area of the plots measures 3.84 acres—approximately 8,977 square feet. Situated in one of Mumbai’s most densely developed suburbs, where vacant land is scarce and redevelopment is the prevailing trend, the sale has made headlines for its steep per-square-foot rate of ?6,00,695.

MKVIA, a government body that promotes khadi and village industries, owns multiple real estate assets across Mumbai, in addition to its retail outlets. The Kora Kendra grounds are well known for hosting major events such as Navratri dandiya nights led by Falguni Pathak and elaborate wedding celebrations, and have historically served as a reliable revenue stream for the association through leasing.

As per documents sourced via real estate analytics firm CRE Matrix, the payment for the land will be disbursed in nine instalments. The first tranche of ?52.25 crore has already been paid, with the remaining amount scheduled to be settled over the next four years.

In a significant real estate transaction, the Mumbai Khadi & Village Industries Association (MKVIA) has sold four land parcels adjoining the iconic Kora Kendra grounds in Borivali West to Rishabraj Estate Developers for a total consideration of Rs 5.39 billion. The cumulative area of the plots measures 3.84 acres—approximately 8,977 square feet. Situated in one of Mumbai’s most densely developed suburbs, where vacant land is scarce and redevelopment is the prevailing trend, the sale has made headlines for its steep per-square-foot rate of ?6,00,695. MKVIA, a government body that promotes khadi and village industries, owns multiple real estate assets across Mumbai, in addition to its retail outlets. The Kora Kendra grounds are well known for hosting major events such as Navratri dandiya nights led by Falguni Pathak and elaborate wedding celebrations, and have historically served as a reliable revenue stream for the association through leasing. As per documents sourced via real estate analytics firm CRE Matrix, the payment for the land will be disbursed in nine instalments. The first tranche of ?52.25 crore has already been paid, with the remaining amount scheduled to be settled over the next four years.

Next Story
Infrastructure Transport

Chennai Metro Rail to Buy 32 Driverless 3-Car UTO Trains from Alstom

Chennai Metro Rail (CMRL) has signed a contract agreement to procure 32 driverless 3-car Unattended Train Operations (UTO) trains, totaling 96 cars, from Alstom Transport India. The contract, valued at Rs 15.38 billion, was officially awarded with the Letter of Acceptance issued on April 28.According to the agreement, the first train is expected to be delivered by February 2027 to the Phase-2 Depot of CMRL, where it will undergo 14 months of rigorous testing, including system integration and service trials. The remaining trains are scheduled for delivery between September 2027 and May 2028 and..

Next Story
Infrastructure Urban

Agartala Plans Dedicated Bicycle Lanes, Inclusive Roads in Smart City

Agartala is preparing to become more inclusive and environmentally friendly through plans to introduce dedicated bicycle lanes and barrier-free roads under its Smart City initiative. The city will implement dedicated cycling lanes along major routes, including a stretch from Agartala Airport to Lichubagan, as part of the Urban Mobility Agenda 2025. The initiative aims to provide safe, separate lanes for cyclists to encourage green, accessible, healthy, and affordable transportation, benefiting a wide range of residents such as students and working women.Alongside cycling infrastructure, there ..

Next Story
Real Estate

Telangana to Develop 80-acre Eco-Town Inspired by Japan’s Kitakyushu

The Telangana government has announced plans to develop an 80-acre Eco-Town inspired by Kitakyushu City in Japan, as part of its broader commitment to sustainable development. The initiative will serve as a model for environmentally responsible urban planning and industrial growth.The state will collaborate with Kitakyushu on a range of progressive initiatives such as achieving Net Zero emissions, riverfront development, adoption of circular economy principles, promotion of clean technologies, and driving digital innovation.The envisioned Future City will prioritise eco-friendly industrial zon..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?