Automobile manufacturer Mahindra and Mahindra Limited has sold 20.5 acres of land in Kandivali, Mumbai for Rs.210 crore. As per the documents accessed by CRE Matrix, the buyer is Blueprintify Properties Pvt Ltd, a subsidiary of Pune-based real estate firm Rucha Group. The deal was registered on 24th July 2024 and the stamp duty paid was Rs.13.41 crore.
Mahindra & Mahindra Limited has sold non-agricultural land in the Kandivali area. The company has an automobile manufacturing facility nearby. The property faces Sanjay Gandhi National Park (SGNP) on one side and is connected to the Western Express Highway (WEH) on the other.
This is one of the largest land purchases in the western suburbs this year. The Kandivali East micro-market, where the land is located, commands high residential segment rates, ranging from Rs.25,000 to Rs.35,000 per square foot. This deal demonstrates the surge in demand for land in this bustling suburban area.
This land deal is not Mahindra & Mahindra’s first significant purchase in Kandivali. Back in February 2022, Mahindra Lifespaces, the Mahindra Group’s real estate branch, bought about 9.24 acres from Mahindra & Mahindra Ltd for ₹365 crore. Following the success of its “Mahindra Roots” project, the business announced that this will be its second residential development in Kandivali, offering almost 1 million square feet of carpet space.
This series of transactions highlights Mahindra’s strategic focus on leveraging its land assets in Kandivali.
Recent Land Transactions in Mumbai
Mumbai’s real estate market has witnessed significant land transactions recently. This reflects its robust growth and development potential. High-value deals, such as those involving Mahindra and Mahindra Limited, highlight the city’s strategic importance for both residential and commercial real estate investments.
In a recent transaction, 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 mt land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore.
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