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.

Also Read: Businessman Buys Worli Flat for Rs 23..89 Crore

You May Also Like

Omaxe Group Launches The Omaxe State with ₹2,500 Crore Investment

**Omaxe Group Launches The Omaxe State with ₹2,500 Crore Investment** Omaxe Group has announced the launch of ‘The Omaxe State,’ a new integrated destination in Dwarka Sector 19-B, New Delhi. With an investment exceeding ₹2,500 crore, this project aims to transform the city’s sports, retail, hospitality, food, and cultural landscape. Featuring a modern ICC and FIFA-standard cricket-cum-football stadium, the development will also include an international multi-sports indoor stadium, an extensive food district, and India’s first air-conditioned high-street retail area. Set to be completed by 2027, The Omaxe State is designed to become a key landmark, enhancing Delhi’s infrastructure and providing a diverse range of facilities for sports, shopping, dining, and entertainment.

MMR saw 11 land deals involving 768 acres of area

MMR saw 11 land deals involving 768 acres of area – a 64% share of the total 1,205 acres…

Trend of rising office vacancy broken for the first time since Covid-19

Q1 2022 office gross absorption up almost 3 times YoY at 13.0…

Cricketer Shreyas Iyer paid ₹2.9 Cr for a 525 Sq Ft home in Mumbai

Shreyas Iyer, a prominent member of the BCCI’s Indian Cricket Team, has made headlines with his recent purchase of a 525 sq ft flat in Mumbai’s Worli area for ₹2.9 crore. Acquired along with his mother, the deal was officially registered on September 19, highlighting the cricketer’s growing presence in the real estate market.