Mumbai real estate: Rishabraj Developers acquires 3.84 acres of land in Borivali for ₹539 crore
Rishabraj Developers has purchased four adjoining land parcels in Borivali from Mumbai Khadi and Village Industries Association, a registered trust
Mumbai-based Rishabraj Developers has purchased four adjoining land parcels measuring 3.84 acres for ₹539 crore in Borivali West area, according to property registration documents accessed by CRE Matrix.
The property registration documents show that the freehold land parcels were pqurchased from Mumbai Khadi and Village Industries Association, a registered trust.
The documents showed that the four adjoining land parcels, previously lying vacant, were registered under the developer’s name on March 30, 2025.
They showed that a stamp duty of over ₹32 crore and a registration fee of ₹30,000 were paid for the transaction.
The documents indicate that the developer intends to develop the four land parcels into residential and commercial spaces. Rishabraj, a well-known real estate firm in Mumbai’s western suburbs, has a track record of executing several redevelopment projects.
The documents showed that the developer has paid ₹52 crore upfront to the seller, and the developer will make the balance payment of ₹487 crore over four years.
They stated that if the developer fails to make the payment, the seller will be entitled to receive residential flats totalling 2.2 lakh RERA sq ft, along with a 1,000 sq ft commercial shop or unit to be constructed on the four adjoining land parcels.
A query has been sent to Harrish Kumar Jain, managing director of Rishabraj Developers. Mumbai Khadi and Village Industries Association could not be reached for comment. If a response is received, the story will be updated.
What does the Borivali land deal signify?
This land deal, valued at over ₹539 crore—translating to more than ₹140 crore per acre—underscores the rising demand for suburban land. “Our analysis points to Borivali's growing importance as a strategic investment hub, drawing interest from leading regional developers. The transaction is expected to spur local development, set new benchmarks for land pricing, and highlight both the scarcity of large land parcels and sustained confidence in the suburban real estate market,” said Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix.
"Borivali has emerged as the king of suburbs after Andheri with sprawling high streets, great townships, biggest brands, and strong infrastructure. Housing prices and sales have risen, showcasing solid market appetite. Such consistent market trends encourage developers to bet bigger on Borivali,” said Gupta.
A similar deal took place about five kilometres from this site, where Mumbai-based K Raheja Corp agreed to purchase 5.75 acres of land in Kandivali East for ₹466 crore, according to property registration documents accessed by CRE Matrix.
Also Read: Mumbai real estate land deal: K Raheja Corp to acquire 5.75 acres for ₹466 crore in Kandivali
The land parcel, located on Ashok Chakravarty Road, includes a building known as Vinod House. The transaction was signed on December 22, 2024. Market sources indicate that K Raheja Corp plans to develop a residential project on the site.
Outright land purchases like these remain rare in Mumbai due to the limited availability of large land parcels. Local brokers note that most land acquisitions in the city typically occur through society redevelopment or slum rehabilitation schemes.
All about the Borivali market
According to local brokers, the average per sq ft price of residential units in the Borivali area is ₹30,000 to ₹40,000. However, several premium and luxury projects are being sold at a per sq ft price of ₹40,000 to ₹50,000. The Borivali micro-market is seeing growing interest from several listed developers.
Real estate developers like Oberoi Realty, Rustomjee Group, Lodha, and Ajmera Realty, among several others, have projects in Borivali.
In what is perhaps the most expensive real estate deal in Mumbai’s suburb of Borivali, HT.com reported in October 2024 the sale of a 4 BHK luxury apartment for ₹14 crore, translating to ₹56,000 per sq ft, according to property registration documents accessed by IndexTap.com.
Real estate experts told HT.com that this marks the highest rate ever recorded for a property in Borivali, bringing it on par with premium Mumbai locations such as Andheri, Vile Parle, Dadar, and Mahim.
