In a major real estate development, K Raheja Corp has signed an agreement with Global E-Service Private Limited (formerly The New Vinod Silk Mills) to acquire a prime freehold land parcel in Kandivali East, Mumbai. The deal, finalized in December 2024, involves a total consideration of ₹466 crores and spans over five years, with stages of payments linked to the transaction’s completion.
Documents accessed by SquareFeatIndia reveal that the land parcel, measuring approximately 22,891.40 square meters (about 5.65 acres), includes associated buildings, development rights, future FSI benefits, and road setback entitlements. The transaction is contingent on K Raheja Corp obtaining the Intimation of Disapproval (IOD) from the Brihanmumbai Municipal Corporation (BMC) for the property’s development. The buyer is responsible for securing the IOD at its own cost and must notify the seller in writing upon its receipt. Once the IOD is obtained, the transaction must be completed within 30 days.
The payment schedule begins with ₹403 crores in December 2024, progressively increasing to ₹466 crores by December 2029, with installments tied to specific milestones. Additionally, K Raheja Corp has provided a refundable, interest-free security deposit of ₹210 crores, which will remain with the seller until the transaction’s long stop date, five years from the agreement date.
This transaction represents a significant step in Mumbai’s real estate sector, involving a 5.65-acre prime land parcel in a strategic location.
