Mahindra & Mahindra Sells 20.5-Acre Land Parcel in Mumbai's Kandivali for Rs 210 Crore
Mahindra & Mahindra has sold a 20.5-acre land parcel in Mumbai's Kandivali for Rs 210 crore to Blueprintify Properties, a Pune-based real estate development entity.
Mahindra MahindraMumbaiKandivaliReal EstateLand DealReal Estate MumbaiAug 01, 2024
The land parcel falls under the No Development Zone and is bounded by the Sanjay Gandhi National Park on the east and south side.Mahindra Lifespace Developers, the real estate development company of the Mahindra Group, is also developing a nearby project. The company deemed this plot non-strategic and decided to monetize it. According to the company, the sale of the Kandivali land parcel was conducted in accordance with applicable stamp duty valuation guidelines for the type of land parcel.
The deal was finalized on July 23 and was registered the next day. The transaction has attracted stamp duty of over Rs 13.41 crore. In Maharashtra, stamp duty is determined by the higher value between the property's transaction price and the government-set ready reckoner rate, also known as the circle rate. If the property is sold for less than the ready reckoner rate, the stamp duty is calculated based on the ready reckoner rate rather than the transaction price.
The land parcel is vacant and there are no unauthorized or illegal constructions or structures on the same. According to the conveyance agreement, no part of the floor space index or development rights has been shifted or transferred to any property and the entire development potential of the land is intact.This sale highlights the ongoing real estate activities in Mumbai's property market and underscores the importance of strategic land transactions even in zones with development restrictions. The Mahindra & Mahindra deal with Blueprintify Properties is a notable example of how major corporations manage their real estate assets and align with market dynamics, ensuring compliance with regulatory frameworks while optimizing their asset portfolios.
Frequently Asked Questions
What is the size of the land parcel sold by Mahindra & Mahindra?
20.5 acres
Who is the buyer of the land parcel?
Blueprintify Properties, a Pune-based real estate development entity
What is the sale price of the land parcel?
Rs 210 crore
What is the ready reckoner value of the property?
Over Rs 223.58 crore
Why did Mahindra & Mahindra sell the land parcel?
The company deemed the plot non-strategic and decided to monetize it.
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