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K Raheja Corp Shells Out Rs 466 Crore for 5.7 Acres in Mumbai’s Kandivali

K Raheja Corp Shells Out Rs 466 Crore for 5.7 Acres in Mumbai's Kandivali

Realty developer K Raheja Corp has entered into an agreement to acquire a 5.75-acre parcel of land, including existing structures, in the eastern district of Kandivali, Mumbai, for a consideration of approximately ₹466 crore, according to documents accessed by CRE Matrix. 

A subsidiary of the company, K Raheja Corp Real Estate, entered into an agreement with Global e-Service, the successor entity to The New Vinod Silk Mills, to purchase the land parcel and the building known as Vinod House.

The documents state that the entire time needed to finish the transaction will impact the consideration value. For instance, the entire consideration value will be ₹422 crore if the transaction is finalized between November 2025 and January 2026. However, the consideration value will increase to ₹466 crore, if the transaction is completed by the maximum date of December 2029.

The developer paid a stamp duty of ₹31.74 crore to register the land acquisition agreement signed on December 22nd. K Raheja Corp Real Estate plans to develop a luxury residential project on the acquired plot and is seeking necessary approvals from Mumbai’s civic authorities. 

K Raheja Corp has made an initial payment of ₹210 crore to Global e-Service. The remaining payment will be made upon receiving approval from the civic authority. The agreement stipulates a five-year timeframe for the developer to obtain the necessary permissions.

This acquisition marks the fourth property purchase by K Raheja Corp in recent months. Last month, the developer acquired two prominent properties: Bayside Mall, an early entrant in India’s shopping mall scene, and Popular Press Building, spanning over half an acre in South Mumbai’s Tardeo area, for a combined transaction value exceeding ₹ 355 crore.

Recent Land Transactions in Mumbai 

The Mumbai real estate market is witnessing a surge in land transactions, because of robust demand for luxury residences. Realty developers are picking up land parcels through outright purchases, entering into joint development agreements, and undertaking housing society redevelopment projects to capitalize on the growing appetite for luxury properties at prime locations.

This aggressive land-grabbing reflects the city’s enduring allure and the escalating desire for high-end living spaces in prime locations.

In a recent transaction, Equinix India bought 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore. In another transaction, Mahindra and Mahindra Ltd Sold 20.5 Acres of land in the Kandivali Area for Rs.210 Crore. 

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Awfis Space Solutions Secures 1.97 Lakh Sq Ft Office Space in Pune’s Kharadi

Awfis Space Solutions Secures 1.97 Lakh Sq Ft Office Space in Pune's Kharadi

Co-working giant Awfis Space Solutions expands its footprint with a 197,000 Sq Ft lease in Pune’s thriving Kharadi over a five-year lease, according to documents accessed by CRE Matrix. 

For the initial three-month fit-out period commencing on January 1st, the company will pay a monthly rental of Rs 18 per square foot. After the initial three months, lease rentals will be structured based on a profit-sharing model with a minimum guarantee, as outlined in the agreement between the company and the developer. 

This transaction, registered on December 30th, involved a security deposit payment of Rs 8.87 crore from Awfis Space Solutions. The leased office space occupies all 17 floors of the commercial tower. The agreement includes a monthly common area maintenance charge of Rs 4 per square foot of carpet area.

Startups and small businesses are leaving behind traditional office setups and embracing the freedom of flexible workspaces. With hybrid work becoming the norm, who needs a massive office gathering most of the time? Coworking spaces and managed offices offer the perfect solution. This flexibility is a game-changer, especially in dynamic cities like Bengaluru, Mumbai, and Delhi-NCR. The market is exploding with options, from sleek, modern offices to cozy, creative workspaces.

Recent Office Transactions in Pune

Pune’s manufacturing and IT sectors are driving the city’s office market. Areas like Magarpatta City, Kharadi, and Hinjewadi are popular spots for businesses, with lots of modern office buildings popping up. You can find everything from big corporate towers to smaller, more flexible spaces, so there’s something for every company.

In a recent transaction, CA India Technologies Pvt. Ltd. Extended its Office Lease in Pune’s IT Hub with Annual Rent Exceeding ₹12 Crore. 

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Anurang Jain, Managing Director of Endurance Tech Acquires ₹ 130 Crore Bungalow in Delhi

Anurang Jain, Managing Director of Endurance Tech Acquires ₹ 130 Crore Bungalow in Delhi

Anurang Jain, the managing director of auto component leader Endurance Technologies, has purchased a 1,350 square-yard bungalow on Kautilya Marg, New Delhi. The deal was finalized for a substantial sum of ₹130 crore, according to documents accessed by CRE Matrix.

Jain paid a stamp duty of ₹8.32 crore to acquire the property, making it one of the costliest real estate transactions in New Delhi.

This year, several ₹100 crore-plus property deals have closed in New Delhi. The increasing demand for prime properties, coupled with limited supply, has driven up prices and attracted significant investments from high-net-worth individuals.

Recent Transactions in Delhi

New Delhi’s luxury real estate market is experiencing unprecedented demand, driving up prices for prime properties. As a result, numerous high-value bungalow deals are on the verge of closing. In a transaction earlier this year, Bhuvan Bam had bought a bungalow for Rs 11 crore in South Delhi. In another transaction, Zomato CEO Deepinder Goyal purchased two land parcels totaling 5 acres in Mehrauli Tehsil, New Delhi, for ₹79 crore.

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CA India Technologies Pvt. Ltd. Extends Office Lease in Pune’s IT Hub with Annual Rent Exceeding ₹12 Crore

CA India Technologies Pvt. Ltd. Extends Office Lease

US-based CA Technologies Private Limited has renewed its lease for a 1.08 lakh sq ft commercial space in Pune’s Kharadi area, a key IT hub. The lease agreement made with a subsidiary of Panchshil Realty involves an annual rent exceeding ₹12 crore for a five-year term, as per property registration documents obtained by CRE Matrix. This commercial space is situated in the Eon Free Zone, a prominent office hub in Kharadi, and is owned by Eon Kharadi Infrastructure Pvt Ltd. The agreement was registered on November 28, with the tenant providing a security deposit of ₹8.46 crore and a stamp duty of ₹49.57 lakh.

The leased property includes the ground, second, and third floors, totaling 1.08 lakh sq ft. It offers 308 parking spaces, comprising 108 for four-wheelers and 200 for two-wheelers. The current monthly rent is set at ₹98 per sq ft, amounting to ₹1.07 crore, and this rate will remain until November 2025. The rent is scheduled to increase over the lease term, rising to ₹1.12 crore per month in 2025, ₹1.18 crore in 2026, ₹1.24 crore in 2027, and ₹1.30 crore in 2028. Previously, from 2022 to 2024, CA Technologies leased a larger space of over 1.83 lakh sq ft at a monthly rent of ₹2.05 crore.

Kharadi’s commercial real estate market is thriving, with local brokers reporting monthly rental rates of around ₹90 per sq ft for Grade A office spaces. According to Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, this transaction highlights how the office markets are still thriving as start-ups, Indian corporations, and GCC companies continue to grow. Ample human resources, Grade A office buildings, and affordability are the main factors that make Pune a desirable office market. Despite a slowdown in growth, Grade A office rentals are still increasing.

Recent Transactions

Pune’s commercial real estate market continues to witness strong activity, with recent transactions reflecting steady demand. In a recent deal, The Lodha Group purchased a 2.82-acre land plot in Pune’s Hinjewadi for Rs 111 crore. In another transaction, MRF secured the lease of 3.85 lakh sq ft of large warehousing space in the Mawal area of Pune.


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K Raheja Corp Acquires Two Mumbai Properties for ₹355 Cr

K Raheja Buy 2 Properties

K Raheja Corp’s real estate investment arm, Ivory Property Trust, has significantly expanded its Mumbai portfolio by acquiring two prime properties in the upscale Tardeo area: the prestigious Bayside Mall and the historic Popular Press Building, for a total of ₹355 crore from AAA Holding Trust, according to documents accessed by CRE Matrix.

The Bayside Mall and Popular Press Building, spanning 1216.29 sq m and 1070.24 sq m respectively, were acquired by Ivory Property Trust for a stamp duty of ₹21.30 crore.

Bayside Mall, a three-story structure built on a one-third acre plot, has a total built-up area of 17,345 sq ft. The mall, which originally had 105 units, now comprises 75 units following the consolidation of certain units.

The Popular Press Building, a two-story structure situated adjacent to Bayside Mall on a plot of land exceeding a quarter-acre, was also part of the acquisition. The buyer made an initial payment of Rs 120 crore at the time of deal registration.

Ivory Property Trust fulfilled its payment obligations by paying the second tranche of Rs 120 crore to AAA Holding Trust on August 22. The final tranche of Rs 115 crore was scheduled to be paid by the deal’s closing date of November 20.

Recent Transactions in Mumbai

Mumbai is more than just India’s financial capital. It’s a real estate powerhouse, buzzing with opportunities. With sky-high demand, a booming economy, and a diverse range of properties, Mumbai’s real estate market is a dream come true for investors and homebuyers alike.

In a recent transaction, Equinix India purchased 5,597 square meters of land in Mumbai’s Chandivali for ₹155 crore. In another transaction, Property Ventures (India) Pvt Ltd recently sold an IT Park located in Mumbai’s Malad area for a substantial sum of ₹335 crore. 


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Equinix India buys 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore

Equinix buys land in Mumbai

Equinix India Pvt Ltd, a US-based data center company, paid ₹155 crore for 5,597 sq m (1.38 acres) of land in the Chandivali neighborhood of Mumbai, according to property registration records accessed by CRE Matrix. According to the records, a building with a total built-up area of 5,386 square meters was purchased along with the land parcel.

The property is being sold by Overseas Packing Industries Pvt Ltd and Warden Hyforce Pvt Ltd. The transaction was registered on November 21, 2024, and ₹10.56 crore in stamp duty was paid on the purchase.

In June 2022, Equinix India revealed plans to invest $86 million for the construction of a new data center in Mumbai. The company had purchased a four-acre plot of land in the city’s Chandivali area.

Equinix had previously stated that the new data center, which would be called MB3, would be the company’s third such facility in Mumbai. MB3 IBX will be located adjacent to Equinix MB2 IBX and 1.5 km away from MB1 IBX data center.

Chandivali is strategically situated between Mumbai’s western and eastern suburbs, offering excellent connectivity throughout the city. It is also in proximity to Powai, which is home to numerous international and domestic companies. Equinix India currently operates three International Business Exchange (IBX) data centers in Mumbai, named MB1, MB2, and MB4. The newly acquired land houses one of these centers, MB2. 

The company plans to continue its investment in the market to support India’s growing digital economy. They have announced plans for the development of MB3, with an initial investment of $86 million. MB3 will offer a starting capacity of over 1,375 cabinets, expanding to more than 4,150 cabinets upon completion. Additionally, Equinix has revealed its expansion in Chennai, with an investment of $65 million for the first phase, which will provide 850 cabinets and a total capacity of 4,950 cabinets when fully developed.

Recent Transactions

Mumbai’s real estate market sees significant land transactions, with major deals involving residential, commercial, and industrial properties. Recent notable transactions highlight the demand for prime land in key locations across the city.

In a recent land deal, DMart acquired a plot of land in Chandivali for Rs. 117 crore. In another major land deal, Hindustan Construction Company (HCC) sold a 2.35 lakh sq mtr land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore.

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Kanakia Spaces Realty Secures ₹208 Crore Redevelopment Deal for Two Buildings in Borivali

Kanakia Spaces acquires 3.3-acre redevelopment projects

The Mumbai-based real estate developer, Kanakia Spaces Realty Pvt Ltd, has secured the development rights for two old buildings in Borivali, Mumbai. The combined value of the development agreements for these projects amounts to ₹208.53 crore, according to documents accessed by CREMatrix.com. 

The redevelopment of these two housing societies in Govind Nagar, Borivali, Mumbai, will be undertaken under the Maharashtra government’s cluster redevelopment policy. These housing societies, both over 50 years old, will undergo a complete transformation. Furthermore, Maharashtra’s cluster redevelopment policy will target housing societies in Borivali, Mumbai, that have been standing for more than 50 years. These redevelopments will provide residents with modern amenities, better infrastructure, and safer housing.

The development agreements for the two housing societies were officially registered on September 12, 2024. A stamp duty of ₹11.40 crore was paid as part of this registration process. 

The first building, Shree Mohan Chs Ltd, occupies 2.02 acres of land, with residents currently residing in 70,616 sq ft of space. Under the redevelopment plan, residents will receive an additional 36% of the total area in the redeveloped building, resulting in approximately 96,038 RERA carpet area. Additionally, each flat will be assigned one designated parking space.

The redevelopment plan for the second building, Shree Balwant Chs Ltd, which covers 1.31 acres, will provide residents with a 45% increase in their living space beyond the current 55,869 sq ft of carpet area. Additionally, the project will include 51 designated parking spaces.

During the redevelopment period, tenants residing in both old buildings will receive monthly rental compensation of ₹60 per square foot. The developer is committed to completing the redevelopment of both buildings within 36 months. The entire saleable component of the project is expected to be completed, and the full occupation certificate (OC) obtained, within 66 months from the commencement of redevelopment.

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County Group Expands Footprint in Gurugram with Rs 105 Crore Land Acquisition

County Group Rs 105 Crore Land Acquisition

County Group, a real estate company based in Delhi-NCR, has recently acquired a 7.9-acre land parcel in Gurugram for a substantial sum of Rs 105 crore. The land was purchased from Brock Developers Private Limited and Ashiana Landcraft Realty Private Limited, according to documents accessed by CRE Matrix. The land parcel is located in Harsaru village, sector 88A, Gurugram, near the Dwarka Expressway.

This strategic investment is expected to strengthen the County Group’s presence in the rapidly growing Gurugram market and provide opportunities for future development projects.

Perfect Megastructure Private Limited, a subsidiary of County Group, has acquired the development rights for this 7.9-acre land parcel in Gurugram. The company signed a development agreement with Brock Developers Private Limited and Ashiana Landcraft Realty Private Limited on July 9, 2024. A stamp duty of Rs 2.27 crore was paid for the registration of the agreement. It is believed that the County Group is planning to construct a luxury housing project on the recently purchased land parcel.

In an announcement earlier this year, County Group stated their intention to invest Rs 5,000 crore over a five-year period in the development of ‘Ivory County’, an ultra-luxury housing project in Noida. Located in Sector 115, near the Faridabad-Noida-Ghaziabad (FNG) Expressway, the project is anticipated to generate approximately Rs 7,500 crore in revenue.

The acquisition of the land parcel in Gurugram marks a significant milestone for County Group. This strategic move aligns with the company’s ambitious growth plans and demonstrates its commitment to delivering high-quality residential projects in the future. 

Recent Land Transactions in Gurugram

Gurugram’s real estate market is booming, driven by economic growth and increasing urbanization. Developers are actively acquiring land parcels to accommodate their projects. Furthermore, we can expect to see even more such large-scale land transactions in the future.

In a recent transaction, Oberoi Realty purchased 14.8 acres of land in Gurugram for Rs 597 Crore.  In another major land deal, Dvok Buildcon has acquired 18 acres of land in Gurugram for Rs. 310 crore.
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Prestige Group’s Subsidiary Acquires 4.57-Acre Land in Pune for ₹ 200 Crore

Prestige Group's Subsidiary Acquires 4.57-Acre Land in Pune

Prestige Exora Business Parks, a subsidiary of Bengaluru-based Prestige Estates, has acquired a 4.57-acre land parcel in Pune’s tech hub of Kharadi for ₹200 crore, according to property registration documents accessed by CRE Matrix. Pune-based BU Bhandari M&M Realtors LLP sold the 4.57-acre land parcel to Prestige Exora Business Parks on April 16, 2024. The stamp duty paid for the land transaction was over ₹14 crore. The purchaser paid ₹198 crore to the seller using a demand draft on April 20, 2024.

The tax deducted at source (TDS) for the deal was over ₹2 crore, bringing the total land purchase cost to over ₹200 crore, which further highlights the substantial value of the acquired land parcel and the growing demand for commercial real estate in Pune.

Kharadi, along with Hinjawadi, has become a major tech center in Pune. Many big Indian and foreign tech companies have opened offices in Kharadi’s commercial buildings over the past ten years. Recently, even manufacturing and financial companies have started setting up their global centers there. Kharadi is home to the EON IT Park, a special economic zone owned by Panchshil and Blackstone.

Furthermore, Prestige Group plans to launch its first residential project in Pune signifying the company’s strategic expansion into the region. The projected revenue potential of ₹750 crore to ₹1,000 crore indicates the significant market potential for residential real estate in Pune. This move aligns with the growing demand for quality housing in the city. Prestige Group has announced plans to develop 43 new projects totaling 92 million square feet across various segments in seven cities: Hyderabad, Delhi-NCR, Goa, Bengaluru, Mumbai, Chennai, and Kochi.

This significant land deal highlights the growing demand for commercial real estate in Pune and reinforces Prestige Group’s position as a leading player in the Indian real estate market. With the company’s plans to launch its first residential project in the city, Pune can expect to see further development and growth in the coming years.

Recent Land Transactions

The Pune real estate market continues to witness a surge in land deals, driven by factors such as economic growth, urbanization, and increasing demand for commercial properties. As Pune’s economy expands, we can expect to see more such large-scale land transactions in the future.

In a recent transaction, Tata AutoComp Systems sold more than 13 acres in Pune. In another major land deal, Adani’s Terravista Developers acquired leasehold rights of 25 acres from Finolex for Rs 470 crore in Pune.

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Property Ventures Sells Malad IT Park to Clear Bridge Ventures for ₹335 Crore

Property_Ventures_Sells_Malad_IT_Park

Property Ventures (India) Pvt Ltd, a subsidiary of RK Marbles, has recently sold an IT Park located in Mumbai’s Malad area to Clear Bridge Ventures LLP for a substantial sum of ₹335 crore. This information was revealed in property registration documents accessed by CRE Matrix. The IT Park spread across an area of 1.96 acres is located in the Linking Road area of Malad West, a well-connected and sought-after area, which adds to the property’s value.

The sale of the IT Park was finalized on August 23, 2024, with a stamp duty of ₹21.85 crore paid on the transaction. This information is based on the property registration documents.  

The IT Park, a substantial structure with six floors above ground level, offers a total saleable area of 1.47 lakh square feet. The property provides ample parking facilities with 123 car parking spaces and six designated slots for other vehicles, as detailed in the registration documents. These features make the property highly attractive to potential investors in the IT sector.

The sale of this IT Park highlights the strong demand for commercial real estate in Mumbai, particularly in well-connected areas like Malad. The property’s features, including ample parking and a prime location, make it an attractive investment option. This significant deal underscores the thriving commercial real estate market in the city.

Recent Transactions in Mumbai

Mumbai’s commercial real estate market is booming. The commercial real estate market is experiencing a significant surge in high-value deals, particularly in the office space sector. This reflects the city’s strong economic growth and strategic importance for businesses. Leading companies and investors are flocking to Mumbai to capitalize on this thriving market.

In a recent transaction, the subsidiary of Redbrick Offices acquired 22 office units for Rs 267.5 crore in Mumbai’s Marol area. In another major corporate spaces deal, Nielsen Media and its subsidiary recently leased 1.52 lakh square feet of office space for ₹3.87 crore per month for a 10-year term in Mumbai’s Goregaon locality. 

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