K Raheja Corp Purchases Close to 4 Acre Land Parcel in Mulund, Central Mumbai For INR 130 Cr

As per Mumbai real estate news sources, K Raheja Corp, one of India's largest real estate development company, has paid Rs 130 crore to purchase a 3.72-acre plot of land on LBS Marg in the Mumbai central neighbourhood of Mulund West, LBS Marg. The property will be used for a high-end residential development by the company.

For the purpose of registering the June 16 transaction, K Raheja Corp paid a stamp duty of Rs 7.80 crore. The developer has now compensated the former landowner Rs 105 crore once the sale was finalised.

According to the papers obtained by CRE Matrix, the business has agreed to pay the seller the remaining Rs 25 crore either 9 months after the execution of the deed or within 3 days after getting the commencement certificate from appropriate authorities.

If the developer fails to pay the seller the remaining balance of the purchase price by the agreed upon date, the developer will pay the seller interest at the rate of 12% per year from the original payment due date until the actual payment is completed.

Recently, the residential construction arm of K Raheja Corp, K Raheja Corp Homes, signed a contract to build on a four-acre plot of land in the central Mumbai district of KanjurMarg, which now serves as the studio for a production company.The developer had previously purchased BR House, the former residence of the legendary Bollywood director B.R. Chopra.