Posted on

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. 

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Posted on

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.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now.

Posted on

L&T Realty Signs Agreement for Joint Development of 12.2-Acre Land Parcel in Thane, Potentially Worth ₹697 Crore

L&T Buy Land Parcel in Thane

L&T Realty has signed a significant joint development agreement (JDA) that involves the rehabilitation of a 12.2-acre land parcel in Thane’s Panchpakhadi locality. According to the documents accessed by CRE Matrix, L&T Parel Project Pvt Ltd, a subsidiary of L&T Realty, and Jagdale Infrastructure Pvt Ltd have entered into a strategic partnership, which was formally announced on May 7, 2024. In addition to a registration fee of ₹30,000, the agreement stipulates a significant stamp duty payment of ₹34.88 crore.

The Maharashtra Slum Area (Improvement, Clearance & Development) Act, 1971 declared the land parcel, which was initially owned by the Maharashtra government, as a slum rehabilitation area in October 2016. The developers have committed to building at least a minimum of 12.7 lakh square feet for the rehabilitation of the slum dwellers. Additionally, under the sale component, a 31.25 lakh sq ft will be constructed to ensure the project’s financial viability according to the documents accessed. 

The project is located near the Mulund Toll Naka, a vital intersection that divides Thane and Mumbai. It enjoys seamless connectivity with easy access to the Eastern Express Highway and the Thane Railway Station. With well-known industry players like Oberoi, Raymond Realty, Rustomjee, and Hiranandani, the Thane real estate market is already booming and shows promise for growth The cost of residential real estate in Thane varies from ₹10,000 to ₹25,000 per square foot, depending on the neighborhood.

With developments in areas like Parel, Sewri, and Mahim, L&T Realty is a major player in the Mumbai real estate market. This new venture in Thane fits right in with what they already have, making them even more of a presence in the area. L&T Realty will be the lead developer and will receive a 69% profit share on the project, which is expected to be close to ₹698 crore. The remaining 31% will go to Jagdale Infrastructure, which equals a profit of almost ₹303 crore. Over 20 slum pockets will be redeveloped as part of the project within five years. L&T Realty will handle the design, development, construction, completion, marketing, branding, and sale of the project’s free-sale component. 

This collaborative development represents a major expansion for L&T Realty and demonstrates its dedication to creative and socially conscious real estate development. The project reflects the potential and dynamic growth of the Thane real estate market by offering high-quality residential options in addition to improving urban infrastructure.

Recent Transactions

The Mumbai real estate market is changing as a result of large-scale initiatives and joint ventures. Notable construction projects accentuate the region’s quick growth and entice builders and financiers to this prosperous suburban community.  

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.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now.

Posted on

Dvok Buildcon Acquires 18-acre Land in Gurugram for Rs. 310 Crore

Dvok Buy Land in Gurugram

Dvok Buildcon, a Gurugram-based real estate developer purchased an 18-acre plot of land in Gurugram, valued at Rs 310 Crore as revealed by documents accessed by CRE Matrix. With this strategic investment, the business marks its expansion into one of India’s most lucrative real estate industries. Gurugram is famous for its rapid urbanization and great infrastructure. The region has immense potential for the growth of residential homes as well as commercial projects. 

The newly acquired land is an agricultural plot situated near Manesar, a prime location, enhancing its value and attractiveness for future developments. Dvok paid Rs 21.72 crore as stamp duty, according to the documents. This prime location gives a myriad of developments that Dvok Buildcon can venture into, be it residential or commercial. Real estate in the area is rife and a sure method of obtaining a good return on investment, as the demand for quality living and working space continues to rise.

Despite record-high residential demand, renowned developers, along with other entities, continue to acquire land across India. Besides residential projects, sectors like commercial, retail, industrial, and warehousing are driving prime land deals. In 2022–23, 88 land deals covering 1,886 acres were completed across various cities. This increased to 2,989 acres in 2023–24. The residential segment remains the primary driver of the Indian real estate market. Among the top seven cities, NCR led with 29 deals for 313 acres, followed by MMR with 19 deals for 157 acres, and Bengaluru with 14 deals for 490 acres.

Gurugram’s vibrant lifestyle, contemporary amenities, and seamless connectivity make it a popular choice for families and professionals. By providing luxurious housing solutions that satisfy aspirational aspirations, Dvok Buildcon may take advantage of this demand. Also, there are plenty of chances for commercial development in Gurugram because of its reputation as a major business hub home to various global corporations and commercial complexes. Strategically located modern office spaces would draw in firms and provide strong rental yields and long-term profitability. 

Recent Transactions

In the last few months, significant real estate transactions have been completed in Gurugram. The increased activity indicates investors’ faith in the market’s growth potential and long-term profitability. In a recent transaction, Chintels India transferred ownership of two land parcels in Dwarka Expressway valued at Rs 121.82 crore and covering a total area of 7.85 acres to Sobha Ltd in Gurugram. 

In another transaction, Virat Kohli leased out 12 office spaces in Gurugram for an annual rent of Rs 1.27 crore. 
Elevate your decisions in real estate as a developer with CRE Matrix‘s data-driven insights. Book a demo now.