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Mumbai Khadi & Village Industries Association Sells 3.84-Acre Borivali Land Parcel for ₹539 Crore

Mumbai Khadi & Village Industries Association Sells 3.84-Acre Borivali Land Parcel

In a notable land deal in Mumbai’s western suburbs, the Mumbai Khadi & Village Industries Association (MKVIA) has sold a 3.84-acre land parcel in Borivali West for over ₹539.25 crore. The buyer, a local real estate developer, secured the land through a competitive bidding process and has already made an upfront payment of ₹52.25 crore, with the remaining ₹487 crore to be paid in tranches linked to construction milestones.

This transaction follows MKVIA’s strategic move to convert the land from Occupancy Class-II (a restricted tenure requiring government approvals for transfer) to freehold status. The conversion, completed in April and May 2024, involved a premium payment of ₹51.7 crore to the government, granting the trust full ownership rights and enabling the sale.

According to documents accessed via real estate data analytics firm CRE Matrix, the final payment under the agreement is due upon receipt of the full occupation certificate or within 1,620 days from the registration of the conveyance deed – whichever is earlier. Flexibility for revising timelines has also been built into the contract.

The deal was finalized after receiving clearance from the Charity Commissioner under the Maharashtra Public Trusts Act, with approvals granted through four separate orders dated January 8, 2025.

This transaction reflects a broader trend of large-scale land acquisitions in Mumbai as developers aggressively pursue redevelopment and mixed-use opportunities in high-potential urban zones. With sustained demand for both residential and commercial spaces, land parcels in key localities like Borivali are attracting significant investor interest.

India’s land market is witnessing strong momentum across metro cities like Mumbai, Delhi-NCR, and Bengaluru, where developers are focusing on luxury housing and mixed-use formats. Tier-2 cities are also emerging as hotspots for residential, plotted, and warehousing projects, driven by infrastructure development and evolving urban needs.

Recent Land Transactions in Mumbai

Mumbai’s real estate market continues to witness high-value land transactions. Recent deals, especially in prime suburbs, highlight the growing demand for residential and commercial projects. Developers are actively acquiring land parcels to capitalise on redevelopment opportunities and create mixed-use developments that cater to evolving urban needs.

In a recent land deal, the Adani Group acquired a premium land parcel of more than 1.1 acres in South Mumbai’s ultra-affluent Carmichael Road for over ₹170 crore. In another transaction, Landmark Developers and Sobha Ltd. acquired a 2.11-acre land parcel in Parel, Mumbai, for ₹423.38 crore.

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IndoSpace Leases Over 700,000 Sq Ft Warehousing Space to RenewSys India

IndoSpace Leases Over 700,000 Sq Ft Warehousing Space

In a landmark development for India’s logistics and warehousing industry, IndoSpace has leased out more than 700,000 sq ft of Grade-A warehousing space to solar PV modules manufacturer RenewSys India Pvt Ltd. The facility is located in Khalapur, near Mumbai. This deal marks the largest logistics transaction of the year so far.

This long-term lease, exceeding 10 years, signals an increasing demand for high-quality logistics infrastructure from India’s green energy sector. To accommodate operational customization, the facility was handed over for fit-outs on March 25, with four months allotted for interior modifications. According to documents accessed through CRE Matrix, the rent commencement date, including a three-month rent-free window, is set for November 25, 2025.

RenewSys India, a leading integrated solar PV modules manufacturer, will pay an initial rental of ₹1.44 crore per month for the facility. The lease agreement includes structured rental escalations – a 15% hike after the first 36 months, followed by a 5% annual increase for the remaining term.

The lease also incorporates a five-year lock-in for IndoSpace and a full-term lock-in for RenewSys. This highlights a strong mutual commitment and operational continuity.

Common area maintenance (CAM) charges have been set at ₹1.06 per sq ft per month, with an annual escalation of 5%. During the fit-out phase, CAM charges are significantly lower, at just ₹0.25 per sq ft per month.

This leasing deal is not just about space – it’s about strategic expansion. RenewSys will use the Khalapur facility as a key logistics hub to support its manufacturing units in Hyderabad, Bengaluru, and Panvel. The company continues to scale its operations to meet both domestic and international solar energy demands.

The deal underlines the growing popularity of India’s warehousing and logistics sector. With industries like renewable energy, e-commerce, manufacturing, and 3PL driving demand, long-term leasing has become more common. This reflects tenant confidence and market evolution.

Backed by favorable government policies, infrastructure upgrades, and a robust consumption-driven economy, India’s logistics sector is now aligning with global standards – ready to power the next wave of industrial growth.

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Adani Group Buys Premium Land on South Mumbai’s Carmichael Road

Adani Group Buys Land Parcel

In a significant real estate transaction, the Adani Group has acquired a premium land parcel spanning more than 1.1 acres in South Mumbai’s ultra-affluent Carmichael Road, nestled in the prestigious Malabar Hill locality. According to the documents accessed by CRE Matrix, the deal, valued at over ₹170 crore, was executed through the Group’s subsidiary, Mah-Hill Properties. 

The plot currently hosts an old residential cottage with a built-up area of 2,760 sq ft. Located in a highly sought-after area, the plot is one of the last few sizeable freehold properties available. The transaction was registered on March 27, with the buyer paying a stamp duty exceeding ₹10.46 crore.

While it remains unclear whether the Adani Group intends to develop a high-rise or a luxury bungalow on the site, the strategic value of the location is undeniable. The property was previously tied up in legal disputes, which have now been resolved through court-accepted consent terms – clearing the path for a clean acquisition.

Carmichael Road in Malabar Hill symbolizes legacy, wealth, and elite status. Home to influential business families and top corporate leaders, the area is known for its heritage bungalows, breathtaking views of the Arabian Sea, and proximity to key financial districts. With property prices among the highest in India, any development on this rare parcel is bound to attract attention from the high-profile buyers and investors.

This acquisition further solidifies Adani Group’s position in India’s high-value real estate landscape. It reflects the Group’s growing interest beyond infrastructure and industry, extending into strategic urban development.

Recent Transactions

Mumbai’s real estate market has seen a surge in significant land transactions lately. This highlights strong investor confidence and the city’s continued appeal. The dynamic pace of urban growth and the rising demand for premium land parcels are reflected in these high-value transactions.

In a recent transaction, Landmark Developers and Sobha Ltd. acquired a 2.11-acre land parcel on Jerbai Wadia Road, Parel, for ₹423.38 crore. In another transaction, K Raheja Corp acquired a 5.75-acre parcel of land in the eastern district of Kandivali, Mumbai, for approximately ₹466 crore.

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Puravankara Chairman Acquires Office space in Andheri, Mumbai, for Rs 242 Crore

puravankara chairman acquires office space

Mumbai’s commercial real estate market has witnessed a significant transaction, with Ravi Puravankara, founder and chairman of Puravankara Ltd, acquiring over 104,000 sq ft of office space in Andheri for Rs 242.1 crore. According to documents obtained through CRE Matrix, the purchase was made from Rockfort Estate Developers, an HLV Group promoter company. With the acquisition, Puravankara now has exclusive use of over 135 parking spaces in the business complex.

The agreement, which was finalized on Wednesday, includes twelve commercial apartments located on the 7th, 8th, and 9th floors of Business Park 2, a prestigious business complex in Marol, Andheri. The stamp duty of about Rs 14.5 crore, paid to complete the registration, demonstrates the size of this investment.

Puravankara, who previously focused on South Indian real estate markets like Bengaluru and Chennai, is making a calculated move with this acquisition. Nonetheless, the business has been aggressively growing its footprint in Mumbai’s real estate market in recent years by making well-thought-out investments in residential and commercial real estate.

Though the exact purpose of the recently gained space is yet unknown, there are several conjectures regarding its possible usage. Given that the agreement was concluded in Ravi Puravankara’s personal capacity, it is unclear if the space will be leased to high-end tenants, converted into a larger corporate office, or utilized to launch a new company segment.

The deal highlights the increasing trust that investors have in Mumbai’s commercial real estate market. High-net-worth individuals seeking to diversify their investment portfolios continue to be drawn to the city due to its steady rental yields and optimistic economic outlook.

Bollywood stars and sports figures, as well as developers and industrialists, have been actively purchasing commercial buildings in Mumbai, utilizing them as profitable investment opportunities. The trend reflects the general belief that real estate is still one of the safest and most lucrative asset classes for preserving and increasing wealth.

Ravi Puravankara’s most recent acquisition further strengthens Mumbai’s need for upscale office space. Industry insiders predict additional high-value deals in the upcoming months as the city’s commercial real estate sector continues to flourish, solidifying Mumbai’s position as one of India’s most vibrant real estate marketplaces.

Recent Transactions

A rise in high-value office space transactions in Mumbai’s commercial real estate market is indicative of strong investor confidence. Developers, investors, and high-net-worth individuals have made significant purchases in recent years. Steady rental profits and strategic expansion have driven this growth.

In a recent transaction, Tata Investment Corporation acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly Rs 150 crore. In another transaction, HDFC Bank secured 4.50 lakh sq ft of space at an annual rental cost of more than Rs1,020 crore in Mumbai’s Andheri. 

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Landmark Developers & Sobha Ltd Acquires 2.11 Acre Land Worth ₹423 Crore in Parel, Mumbai

Landmark Developers & Sobha Ltd Acquires 2.11 Acre Land

In a major real estate transaction, Landmark Developers and Sobha Ltd. have acquired a 2.11-acre land parcel on Jerbai Wadia Road for ₹423.38 crore, according to property registration documents accessed by CRE Matrix. The deal was registered on January 23, 2025, paving the way for new luxury residential and commercial spaces.

The total agreement value for the land acquisition was ₹212.06 crore, along with a stamp duty payment of ₹10.60 crore. The sale was a partnership, with each developer receiving a share of the project’s free-sale component. Sobha Ltd. secured a larger portion of the free-sale component, 21,621.24 sq. mtr for ₹211.32 crore, while Landmark Developers acquired 10,953 sq. mtr for ₹212.05 crore. 

Landmark Developers and Sobha Ltd.’s Parel land acquisition is expected to significantly contribute to the area’s high-end real estate landscape, potentially delivering luxury housing, retail spaces, and commercial offices. Their collaboration highlights the dynamic changes shaping Mumbai’s Central Business District.

This Parel land deal, according to industry experts, points to strong developer interest in prime Mumbai sites, especially for large redevelopment projects aimed at optimizing land use in the city.

Recent land transactions in Mumbai 

Mumbai’s real estate market is experiencing exponential growth in land transactions, driven by several key factors. Firstly, the city’s limited land availability and high demand for housing and commercial spaces make redevelopment projects crucial. Developers are increasingly focusing on these projects to maximize space utilization and cater to the growing population. Additionally, the ongoing infrastructure development in the city, including new transportation networks and commercial hubs, is further adding to the demand for land in strategic locations.

In a recent land transaction, K Raheja Corp shelled out Rs 466 crore for 5.7 acres in Mumbai’s Kandivali.  In another transaction, Equinix India bought 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore. 

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Kalpataru Secures 7.5-Acre Redevelopment Projects in Mumbai Worth Rs 2,000 Crore Revenue

Kalpataru Secures 7.5-Acre Redevelopment Projects in Mumbai

Kalpataru, a prominent real estate developer, has signed contracts for two sizable housing society projects in Chembur and Goregaon in Mumbai. With a combined development area of more than 1.5 million square feet, these projects have a potential revenue of more than ₹2,000 crore. It is anticipated that the projects will be finished 42 months after construction begins.

Kalpataru has signed individual agreements and obtained approvals from current members for the redevelopment of two important housing societies: The five-acre Suman Nagar Housing Society in Chembur will replace ten existing residential buildings with six contemporary towers, providing about 350 new flats and a saleable carpet area share of more than 4.20 lakh sq ft. 

Located close to Link Road and the Bangur Nagar Metro station, the 2.5-acre Goregaon Housing Society consists of the conversion of eight residential structures into three towers with 18 habitable stories. With a saleable carpet area of over 2 lakh square feet, the project can house 200 units. According to documents accessed by CRE Matrix, Kalpataru has already paid roughly ₹27.60 crore in stamp duty to register these agreements.

Since its founding in 1988, Kalpataru has established a solid reputation in Mumbai’s redevelopment industry. The company has completed eight projects in desirable neighborhoods like Byculla, Sion, Bandra, Juhu, Andheri, and Santacruz. The company now oversees four rehabilitation projects in Santacruz, Bandra, and Matunga, and three more are planned for Juhu, Borivali, and Andheri.

The renovation of old housing societies is an important aspect of Mumbai’s real estate market because of the city’s land limits. The Maharashtra government has actively supported such initiatives by introducing policies to ease the financial burden on residents. In 2023, the state government decided that members of housing societies getting redeveloped would only have to pay a small stamp duty of Rs 100 for the permanent housing they were given, while the conveyance laws would charge the principal agreement between the developer and society.

Recent Transactions

Kalpataru’s latest redevelopment ventures in Chembur and Goregaon mark another milestone in Mumbai’s real estate sector. As redevelopment continues to be a driving force in Mumbai’s property market, projects like these pave the way for a more modern and sustainable urban landscape.

In a recent transaction, Kanakia Spaces Realty Pvt Ltd acquired development rights for two old buildings in Borivali, Mumbai, worth ₹208.53 crore.
 
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HDFC Bank Signs Rs 1,020-Cr Lease Agreement for 4.5 Lakh Sq Ft Office Space in Mumbai’s Andheri

HDFC Bank Signs Rs 1,020-Cr Lease Agreement for 4.5 Lakh Sq Ft Office Space

A significant commercial lease has been signed by HDFC Bank in Mumbai’s Andheri. The bank has secured 4.50 lakh sq ft of space at an annual rental cost of more than ₹1,020 crore, according to documents accessed by CRE Matrix. 

Documents reveal that HDFC Bank has signed a 10-year lease for a carpet area of nearly 2.73 lakh sq ft within R Square, a commercial building constructed by Histyle Retail Pvt Ltd, a subsidiary of Runwal Realty. This significant lease agreement highlights HDFC Bank’s commitment to expanding its presence in Andheri, Mumbai.

The leasing of the commercial space has been executed through a series of three separate agreements. These agreements cover selected units located on the ground floor, as well as the first through sixth floors of the building. The monthly rental payment for the leased space is ₹6.45 crore, translating to an annual rent exceeding ₹1,020 crore. The lease agreement includes a provision for a 15% rent escalation at the end of every 36 months. 

The licensee was permitted to commence operations on January 21, 2025, with the agreement subsequently being registered on January 27, 2025. The commercial space features 227 parking spaces. A significant security deposit of ₹116 crore was paid by HDFC Bank as part of the leasing agreement.

Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com commented, “Andheri is a growing office market of Mumbai in terms of annual leasing activity, new housing developments, metro, airport, and highway connectivity, hospitality, and everything in between.”

Recent Transactions in Mumbai

In a recent transaction, Tata Investment Corp acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly ₹150 crore. In another transaction last year, Nielsen Media India Private Limited and its subsidiary leased 1.52 lakh square feet of office space in Mumbai’s Goregaon.

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Tata Investment Corp Purchases Office Space in Wadala, Mumbai, for ₹150 Crore

Tata Investment Corp Purchases Office Space in Wadala

Tata Investment Corporation, Tata Group’s non-banking financial company has acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly ₹150 crore, according to documents accessed by CRE Matrix. 

The Agreement for Assignment cum Sale indicates that NCP Commercial Pvt Ltd has transferred ownership of the two office spaces situated in the Lodha Excelus building in the Wadala region of Mumbai.

The first office space, situated on the seventeenth floor of Lodha Excelus, encompasses an area of 21,441 square feet and was acquired for a sum of ₹74.24 crore. It includes a provision for twenty-eight car parking spaces. The second office space, a substantial 21,302 square feet, occupies the entire 22nd floor of the prestigious Lodha Excelus building. This acquisition, valued at ₹73.75 crore, also includes a generous allocation of 35 car parking spaces.

The documentation reveals that the transaction was officially recorded on January 10th, requiring the payment of a stamp duty amounting to ₹8.88 crore. The property in question is equipped with 63 designated car parking spaces.

Tata Investment’s purchase of office space in Wadala highlights the area’s growing importance. Wadala boasts excellent connectivity. It enjoys proximity to Bandra Kurla Complex (BKC), India’s most expensive commercial hub, and South Mumbai. Furthermore, strong highway links facilitate easy travel to both western and eastern suburbs. Access to Atal Setu provides convenient connectivity towards Ulwe, Panvel, Navi Mumbai, and beyond.

Recent Office Transactions in Mumbai 

The continuous growth of businesses in Mumbai, India’s premier commercial hub, has created a demand for high-quality office spaces. This dynamic market attracts a diverse range of businesses, from multinational corporations to innovative startups, all seeking strategic locations to establish and expand their operations.

In a transaction last year, Nielsen Media and its subsidiary leased 1.52 lakh sq ft of office space in Mumbai for ₹3.87 Crore per month for 10 years. In another transaction, a subsidiary of Redbrick Offices acquired 22 office units for Rs 267.5 Crore in Mumbai. 


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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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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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