Prestige Mulund Realty Private Limited, a group company of the Prestige Estates Projects Limited, has acquired a prime industrial land parcel in Mulund West for a total consideration of Rs 110,75,42,565 (approximately Rs 110.75 crore).
The Agreement for Sale was executed on 16 July 2026 and registered at the office of the Joint Sub-Registrar, Mumbai. The vendors are Shamvik Glasstech Private Limited (formerly known as Maul Eastern Limited, holding 62.50% share) and General Glass Company Private Limited (holding 37.50% share). The purchaser is Prestige Mulund Realty Private Limited, represented by its authorised signatory Tariq Ahmed.
The property comprises land admeasuring 9,497.30 square metres bearing CTS No. 3/A of Village Mulund (West), Taluka Kurla, Mumbai Suburban District, along with an industrial structure of 4,638.06 square metres built-up area standing thereon. The land forms part of a larger holding originally acquired by the vendors under an Indenture of Conveyance dated 8 December 1981. Over the years the larger land was amalgamated and sub-divided; CTS No. 3/A was carved out as Plot A under a Collector’s order of 5 May 2001.
As per Development Plan 2034 remarks, the land is situated in a Residential Zone. A portion is affected by the Sanjay Gandhi National Park (SGNP) buffer/eco-sensitive zone and a proposed road setback. The property has access through a 12-metre internal layout road connecting to a 13.4-metre DP road, and also abuts a proposed 27.45-metre DP road.
The total consideration of Rs 110.75 crore is structured as follows:
- Monetary consideration of Rs 80 crore (subject to TDS):
- Rs 50 crore paid simultaneously with the execution and registration of the Agreement for Sale (Rs 30.9375 crore to Shamvik Glasstech and Rs 18.0625 crore to General Glass) by demand drafts dated 24 June 2026 drawn on State Bank of India.
- Balance Rs 30 crore to be paid on the Closing Date against execution of the Indenture of Conveyance and other transaction documents (Rs 18.75 crore to Shamvik and Rs 11.25 crore to General Glass).
- Asset consideration of Rs 30,75,42,565 to be discharged by allotment of 14 residential units along with the right to use 28 car parking spaces, free of cost, in the project “The Prestige City, Mulund” (registered under RERA in separate phases). The vendors will be treated as allottees under RERA for these units.
Stamp duty of Rs 6,64,52,580 (6% under Article 25(b) of the Maharashtra Stamp Act, 1958) has been paid by the purchaser after adjudication by the Collector of Stamps, Borivali. The market value was assessed lower, but duty was levied on the higher consideration amount. Registration fees and document handling charges were also paid. The Collector of Stamps issued the certificate under Section 32 of the Maharashtra Stamp Act on 15 July 2026 confirming full duty payment.
The property was earlier mortgaged to Rajmala Exports Private Limited under a Deed of Mortgage dated 31 March 2014 for a credit facility of Rs 9 crore. Rajmala has issued a conditional no-objection certificate dated 30 June 2026 for the sale, subject to repayment of the identified amounts and subsequent release of the mortgage by a registered reconveyance deed.
Other clearances obtained include:
- No Objection under the Urban Land (Ceiling and Regulation) Act, 1976 from the Additional Collector & Competent Authority (ULC), Greater Mumbai (letter dated 21 August 2015).
- Labour No Dues Certificate dated 12 July 2024 from the Labour Commissioner, Maharashtra, after operations and labour were shifted from the site in May 2024.
- Confirmation from MCGM Water Works Department (letters dated 23 August 2024) that water connections were cut off and no dues remain.
- Electricity charges paid up to April 2026.
The vendors have warranted clear and marketable title free from encumbrances (apart from the mortgage that will be released). They will hand over the original 1981 title deed on Closing. Conditions precedent include GST certificates under Section 81 of the CGST Act confirming the transaction is not entered into to defraud any person, and payment of outstanding property tax and electricity dues up to the Closing Date. Closing is to take place within 60 days of the Agreement (or such extended period as may be agreed), upon fulfilment of conditions precedent.
This acquisition strengthens Prestige’s land bank in the Mulund micro-market and is expected to support the expansion of The Prestige City project. The transaction underscores continued interest by large developers in industrial land conversion opportunities in Mumbai’s eastern suburbs for residential development, subject to applicable zoning and environmental clearances.
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