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 impressive growth in residential sales, with multiple high-value transactions recorded across the city. The growing brand consciousness among homebuyers is driving the success of reputed developers such as Raheja, Oberoi, Lodha, Shapoorji Pallonji, Godrej, and DLF, enabling them to achieve consistent year-on-year growth. Buyers are increasingly opting for trusted brands that deliver premium quality, superior amenities, and timely completion, boosting the confidence of developers to expand and invest further in prime locations.
Ongoing Projects by K Raheja Corp
K Raheja Corp is actively developing a range of high-quality projects across Mumbai and other cities. Some of their notable ongoing developments include:
- Raheja Ascencio (Powai): Offering 2 and 4 BHK apartments.
- Raheja Maestro (Juhu): Featuring premium 4 BHK apartments.
- Raheja Modern Vivarea (Mahalaxmi): Providing 3, 3.5, and 4 BHK apartments.
- Raheja Antares (Kanjur Marg): Offering 3 and 3.5 BHK apartments.
- Raheja Amaltis (Sion): Featuring 3, 3.5, and 4 BHK apartments.
- Raheja Artesia (Worli): Luxurious 4 BHK residences with ready possession.
- Raheja Valletta (Juhu): Offering 5 BHK apartments.
- Vivarea Tower E (Mahalaxmi): Premium residences under construction.
Growing Demand for Luxury Housing
The luxury housing market has witnessed a significant surge across India’s top eight cities, with Mumbai leading in high-value transactions. Key areas like South Mumbai and Worli-Prabhadevi dominate this segment. Developers are increasingly acquiring land outright or through redevelopment agreements to cater to the rising demand for premium properties in prime locations.
This acquisition further strengthens K Raheja Corp’s presence in Mumbai’s thriving luxury real estate market while leveraging Kandivali East’s unmatched potential as a prime residential hub.