Plots surrounding Borivali’s Kora Kendra sold for ₹539.25 crore

The total plot size measures 3.84 acres, or approximately 8,977 square feet. Located in a densely developed suburb where unoccupied land is a rarity and redevelopment dominates the construction landscape, the deal has drawn attention for its steep per square foot rate — ₹6,00,695

Mumbai: The Mumbai Khadi & Village Industries Association (MKVIA) has sold four land parcels adjoining the popular Kora Kendra grounds in Borivali West for ₹539.25 crore to Rishabraj Estate Developers.

Plots surrounding Borivali’s Kora Kendra sold for ₹539.25 crore

The total plot size measures 3.84 acres, or approximately 8,977 square feet. Located in a densely developed suburb where unoccupied land is a rarity and redevelopment dominates the construction landscape, the deal has drawn attention for its steep per square foot rate — ₹6,00,695.

MKVIA, a government entity promoting khadi and village industries, owns several land assets across Mumbai in addition to its retail showrooms. The Kora Kendra grounds, renowned for hosting large-scale events such as Falguni Pathak’s annual dandiya shows and wedding celebrations, have long been leased out by the association as a revenue-generating venture.

According to documents accessed via CRE Matrix, a real estate analytics firm, the payment will be made in nine tranches. The first instalment of ₹52.25 crore has already been paid, with the remaining amount scheduled over the next four years.

While H Rishabraj Group’s founder and managing director, Harrish Kumar Jain, declined to comment on either the acquisition or future plans, property documents suggest a mixed-use development is on the cards — combining residential towers with retail and commercial components. The deal marks the group’s most ambitious project to date, moving beyond its traditional focus on standalone building redevelopments.