Metal Box sells 5-acre land parcel in Mumbai to Atia
Real Estate

Metal Box sells 5-acre land parcel in Mumbai to Atia

A 5-acre land parcel in Deonar in Greater Mumbai, belonging to Metal Box India, has been sold by the company to Kolkata-based Atia Estates which is now planning to develop a portion of it for residential purposes, registration documents from the Maharashtra government showed.

The land parcel was sold to Atia Estates for Rs 819 million late last month. Simultaneously, Atia Estates has also entered into an agreement with an entity belonging to Mumbai-based developer, Supreme Universal, to build multi-storied buildings and residential units on 4.5 acre of the total land available.

In recent years, corporates, with significant unutilised land holdings in Mumbai, are taking initiatives to monetise them by developing them either for commercial or residential purposes. Debt-laden companies struggling with cash flows are also taking advantage of the revival in residential demand in the financial capital to either sell off their land or are tying up for joint development projects.

Documents made available by data analytics firm, CRE Matrix showed that, under the development agreement, Atia Estates would be getting 20% revenue share with a market value of around Rs 1.40 billion, while the developer would have 80% revenue share in the project with a market value of over Rs 3.11 billion.

In addition, Atia Estates would also be getting Rs 707 million from the developer in a phased manner for the grant of the development rights.

Also Read
KLP and Norway's Climate Investment Fund invest in transmission
MoRTH confident of achieving highway construction target

A 5-acre land parcel in Deonar in Greater Mumbai, belonging to Metal Box India, has been sold by the company to Kolkata-based Atia Estates which is now planning to develop a portion of it for residential purposes, registration documents from the Maharashtra government showed. The land parcel was sold to Atia Estates for Rs 819 million late last month. Simultaneously, Atia Estates has also entered into an agreement with an entity belonging to Mumbai-based developer, Supreme Universal, to build multi-storied buildings and residential units on 4.5 acre of the total land available. In recent years, corporates, with significant unutilised land holdings in Mumbai, are taking initiatives to monetise them by developing them either for commercial or residential purposes. Debt-laden companies struggling with cash flows are also taking advantage of the revival in residential demand in the financial capital to either sell off their land or are tying up for joint development projects. Documents made available by data analytics firm, CRE Matrix showed that, under the development agreement, Atia Estates would be getting 20% revenue share with a market value of around Rs 1.40 billion, while the developer would have 80% revenue share in the project with a market value of over Rs 3.11 billion. In addition, Atia Estates would also be getting Rs 707 million from the developer in a phased manner for the grant of the development rights. Also Read KLP and Norway's Climate Investment Fund invest in transmission MoRTH confident of achieving highway construction target

Next Story
Infrastructure Transport

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Next Story
Resources

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Next Story
Real Estate

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?