K Raheja Corp Acquires INR 466 Crore Land Parcel in Kandivali, Mumbai For Luxury Real Estate Development

K Raheja Corp, through its subsidiary K Raheja Corp Real Estate, has acquired a 5.75-acre plot along with an existing property in Kandivali East for ₹466 crore. The property, known as Vinod House, was purchased from Global e-Service (formerly The New Vinod Silk Mills). Stamp Duty Payment and Registration

The company paid ₹31.74 crore as stamp duty for the registration of the deal, which was finalized on December 22. Documents accessed through CRE Matrix, a real estate analytics platform, revealed the transaction details. Plans for Premium Residential Development

K Raheja Corp intends to develop a premium residential project on the acquired land. The developer is currently in the process of applying for necessary approvals from Mumbai's civic authorities.

Payment Structure and Timeline

An initial payment of ₹200 crore has been made to Global e-Service, with the remaining balance contingent on securing civic approvals. A five-year period has been set for obtaining the necessary permissions.

Recent Property Deals by K Raheja Corp

This deal is the fourth major acquisition by the company in recent months. Other notable purchases include Bayside Mall and Popular Press Building in Tardeo for ₹355 crore and SOBO Central Mall in Haji Ali for ₹476 crore. SOBO Central Mall is set to be redeveloped into a luxury residential project.

Rising Demand in the Luxury Housing Market

The demand for high-end residential properties has surged across India's top eight cities over the past two years. Mumbai, particularly South Mumbai and the Worli-Prabhadevi area, has emerged as the leader in this segment.

Developers Eyeing Strategic Land Acquisitions

To cater to the growing appetite for luxury properties, developers are actively acquiring land through outright purchases, joint development agreements, and redevelopment of housing societies.

Luxury Residential Demand: A Booming Trend in Mumbai

Financial capital Mumbai continues to dominate the luxury housing market, with prime areas like South Mumbai and Worli-Prabhadevi witnessing significant activity.

Disclaimer: This article is based on publicly available information, including property registration data and market analysis. K Raheja Corp's comments were not available at the time of publication.