K Raheja Corp Acquires 5.75 Acres for INR 466 Crore in Kandivali, Mumbai: A Landmark Real Estate Transaction

Mumbai-based K Raheja Corp has made headlines with its latest acquisition—a 5.75-acre land parcel in Kandivali East for INR 466 crore. The deal, confirmed through property registration documents accessed by CRE Matrix, marks one of the most significant transactions in Mumbai's dynamic real estate market.

Transaction Details

The land, strategically located on Ashok Chakravarty Road in Kandivali East, was sold by Global E-Service Private Limited (formerly The New Vinod Silk Mills) to K Raheja Corp’s subsidiary, K Raheja Corp Real Estate. The agreement was inked on December 22, 2024, setting the stage for what could be a transformative development project.

Development Plans and Future Prospects

Market sources indicate that K Raheja Corp plans to develop an upscale residential project on this prime land. With excellent connectivity via the Western Express Highway (WEH) and the local metro network, the location is poised to attract high-end buyers. The project is expected to not only enhance the quality of living in Kandivali East but also boost the region’s overall real estate appeal.

Financial Arrangements and Stamp Duty

Under the terms of the agreement, K Raheja Corp has deposited INR 210 crore as part of the transaction. A crucial aspect of the deal is the five-year ‘stop date’—extending up to December 2029—within which the company must secure the necessary Intimation of Development (IOD) approvals from the Brihanmumbai Municipal Corporation (BMC). Additionally, the company has paid a stamp duty of INR 31.74 crore, calculated based on the total consideration value (which includes accrued interest on the fixed deposit).

Market Landscape and Competitive Activity

Kandivali East has emerged as a sought-after residential hub, with per-square-foot rates ranging between INR 30,000 and INR 40,000. This trend is supported by the presence of several major developers, including Kalpataru, Lodha, Oberoi Realty, and Hiranandani Group, who have ongoing or upcoming projects in the area. The competitive environment further underscores the strategic importance of this acquisition by K Raheja Corp.

Expansion and Previous Acquisitions

This recent acquisition is part of K Raheja Corp’s broader strategy to expand its footprint in Mumbai’s real estate sector. Earlier in August 2024, the company acquired two prime properties—Bayside Mall and the Popular Press Building in Tardeo—for INR 355 crore, and later, SOBO Central Mall in Haji Ali for INR 476 crore. These high-profile transactions have firmly established the company as a key player in both commercial and residential segments.

Regional Impact and Future Outlook

The Kandivali East deal is expected to significantly impact the local market, further fueling interest among investors and homebuyers. With project completion timelines potentially ranging from November 2025 to December 2029, the final transaction value may vary between INR 422 crore and INR 466 crore based on the duration taken to secure approvals. This development, along with improved connectivity and infrastructure investments, is set to redefine the suburban landscape of Mumbai.

Strategic Growth and Urban Transformation

K Raheja Corp’s aggressive acquisition strategy reflects its commitment to reshaping Mumbai’s urban infrastructure. By focusing on both commercial and residential projects, the company is poised to contribute significantly to the city’s evolving skyline and quality of life. With ongoing government initiatives and enhanced transportation networks, Kandivali East and similar regions are on track to experience a new wave of growth and modernization.

Highlights:

• Key Acquisition: K Raheja Corp acquires 5.75 acres for INR 466 crore in Kandivali East.
• Strategic Investment: A deposit of INR 210 crore has been paid, with a five-year stop date for obtaining approvals.
• Stamp Duty: INR 31.74 crore in stamp duty has been remitted.
• Development Plans: The land is slated for an upscale residential project.
• Competitive Market: Kandivali East sees property rates between INR 30,000 and INR 40,000 per square foot, attracting top developers.
• Previous Deals: Recent high-profile acquisitions in Tardeo and Haji Ali further consolidate K Raheja Corp’s market presence.
• Future Outlook: The final deal value may vary based on approval timelines, highlighting a flexible financial structure.

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