K J Somaiya Trust has sold a land parcel in Sion for Rs 120 Crore, the total land area sold measures 6150.57 sq mt
By Varun Singh
K J Somaiya Trust one of the most known trusts in the city has recently sold a land parcel measuring 6150.57 sq mt in Sion area of Mumbai.
According to documents accessed by Indextap.com the registration was carried out on July 25, 2022 this year.
According to documents, this piece of land was put on sale by the the K J Somaiya Trust earlier this year K Raheja Corp Pvt Ltd emerged as the highest bidder during the process.
Thus finally Feat Properties Private Limited an entity of K Raheja Corp finally purchased the land from K J Somaiya Trust and the deal was registered accordingly.
The deal amount is Rs 120.62 crore, while a stamp duty of Rs 7.23 crore was paid for the registration.
All necessary permissions including those from Charity Commission were taken before the finalization of the deal.
“We see a ripple impact on Sion after the tremendous success of Chembur. Both markets have seen flurry of infrastructure development in last few years from flyovers connecting to BKC, freeway connectivity etc. These markets have traditionally been very residential focused and lacked commercial office or mall development. The infra projects resolved this problem. Till date, Western Suburbs continues to remain the king maker in terms of real estate development potential in Mumbai city. We expect Eastern Suburbs to press the accelerator in coming years purely driven by infra projects and availability of undeveloped land,” said Abhishek Kiran Gupta, CEO & Co-founder, Indextap.com.
Recently Juhu also saw a huge deal worth Rs 332 crore.
Also Read: A Realty Deal worth ₹332 crore in Juhu
