Mumbai real estate land deal: K Raheja Corp to acquire 5.75 acres for ₹466 crore in Kandivali

Mumbai top real estate deal: K Raheja Corp has paid a stamp duty of ₹31.74 crore for the land parcel located in Kandivali East

Mumbai-based K Raheja Corp has entered into an agreement to purchase 5.75 acres of land in Mumbai's Kandivali area for ₹466 crore, according to property registration documents accessed by CRE Matrix.

Mumbai real estate: K Raheja Corp has entered into an agreement to purchase 5.75 acres of land in Mumbai's Kandivali area for ₹466 crore. (Picture for representational purposes only) (Satish Bate/Hindustan Times)

According to market sources, K Raheja Corp plans to develop a residential project on the land parcel.

Global E-Service Private Limited (formerly The New Vinod Silk Mills) has sold the land to the developer's K Raheja's subsidiary K Raheja Corp Real Estate. The parcel is located on Ashok Chakravarty Road in Kandivali East, and the transaction was signed on December 22, 2024. The company has bought the land parcel along with the building known as Vinod House.

K Raheja Corp has paid the seller a deposit of ₹210 crore, and the two parties have agreed to a five-year ‘stop date’. This means that K Raheja Corp will have to get the required 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 (up to December 2029) to complete the transaction and pay the balance amount to the seller.

According to the documents, the consideration value will also depend on the total time to complete the transaction. For example, if the transaction is completed between November 2025 and January 2026, the total consideration value will be ₹422 crore. However, if the transaction is completed by the end of the maximum deadline, December 2029, the consideration value will go up to ₹466 crore.

The documents showed that the company had paid a stamp duty of ₹31.74 crore, considering that the consideration value is ₹466 crore plus the interest from the fixed deposit of the ₹210 crore security deposit paid by the developer (K Raheja Corp) to the seller.

Meanwhile, an email query has been sent to K Raheja Corp and Global e-service Pvt Ltd. If a response is received, the copy will be updated.

Documents accessed by CRE Matrix showed that in August 2024, K Raheja Corp bought two prime properties—Bayside Mall and the Popular Press Building—in Mumbai’s posh Tardeo area through its Ivory Property Trust from AAA Holding Trust for ₹355 crore.

The company had also bought SOBO Central Mall spread over 1.3 acres in South Mumbai's Haji Ali area for ₹476 crore.

The Kandivali East locality enjoys access to the Western Express Highway (WEH) and a Metro. Several developers, such as Kalpataru, Lodha, Oberoi Realty, and Hiranandani Group, have projects in the area.

According to local brokers, the per-square-foot rate of residential properties in Kandivali ranges between ₹30,000 and ₹40,000.

Other property deals in the Kandivali area

According to documents shared by CRE Matrix, in a similar property deal in 2024, automobile manufacturer Mahindra and Mahindra Limited sold 20.5 acres of land in Mumbai's Kandivali area for ₹210 crore.

According to the documents, the land was sold to Blueprintify Properties Pvt Ltd, a part of Pune-based real estate firm Rucha Group. The transaction was registered on July 24, 2024, according to the documents.

On a pan-India level, land deals surged by around 47% year-on-year, reaching more than 2,000 acres across the top eight cities in the calendar year 2024. Nearly 135 land deals were closed in 2024, compared to around 90 in 2023, primarily concentrated in major metropolitan areas such as Delhi-NCR, Bengaluru, Mumbai, Chennai, and Pune. The residential segment led the demand.

Delhi-NCR emerged as the frontrunner, recording approximately 40 land deals. Gurugram accounted for a significant share (more than 60%), followed by Noida/Greater Noida (around 25%). This surge underscores the region's attractiveness for residential and warehousing developments, as per a report by CBRE South Asia titled ‘Market Monitor Q4 2024—Investments’.