K Raheja Corp Acquires 5.75 Acres in Kandivali for Rs 466 Crore

K Raheja Corp Acquires 5.75 Acres in Kandivali for Rs 466 Crore

Real estate developer K Raheja Corp, through its subsidiary K Raheja Corp Real Estate, has signed an agreement to purchase a 5.75-acre land parcel with an existing structure in Kandivali East, Mumbai, for approximately 466 crore. The land includes a building known as Vinod House, previously owned by Global e-Service (formerly The New Vinod Silk Mills).

Deal Highlights:

• Stamp Duty Paid: Rs 31.74 crore for registration (December 22).
• Initial Payment: Rs 200 crore made; the remaining amount is linked to civic authority approvals.
• Approval Period: Up to five years for obtaining necessary permissions.

Development Plans:

K Raheja Corp aims to develop a premium residential project on the acquired plot. The company is actively seeking approvals from Mumbai’s civic authority.

Kandivali East: A Developer’s Hotspot

Kandivali East has emerged as a favored location for real estate developers, attracting names like Shapoorji Pallonji and Oberoi Realty. The area is known for its scenic views of the Sanjay Gandhi National Park, offering residents a serene and green environment while being close to urban conveniences. Its excellent connectivity through the Western Express Highway and the Mumbai Metro further enhances its appeal, making it a strategic location for luxury and premium housing projects. These attributes position Kandivali East as a top choice for developers and homebuyers alike.

Real Estate Boom in 2024

The year 2024 has been a landmark for the real estate sector, marked by record-breaking transactions and a surge in demand for luxury housing. Mumbai, in particular, witnessed an i