Mahindra Sells 20.5 Acres of Land in Mumbai's Kandivali Area for ₹210 Crore
The Kandivali east micro market, where the land parcel is located, commands a per sq ft rate of ₹25,000 to ₹35,000 for the residential segment. Mahindra and Mahindra Ltd has sold the land to Blueprintify Properties Pvt Ltd, part of Pune-based real estate
Real EstateMumbaiKandivaliMahindra And MahindraLand DealReal Estate NewsAug 01, 2024
The land is connected to the Western Express Highway (WEH) on one side and faces the Sanjay Gandhi National Park (SGNP) on the other.According to local brokers, this is one of the biggest land deals in the western suburbs this year. The Kandivali east micro market, where the land parcel is located, commands a per sq ft rate of ₹25,000 to ₹35,000 for the residential segment.
Mahindra Lifespaces, the real estate arm of the Mahindra Group, had previously bought approximately 9.24 acres of land in Mumbai's Kandivali area from Mahindra & Mahindra Ltd for ₹365 crore for real estate development. The company had announced that this will be its second residential development in Kandivali after its successful ‘Mahindra Roots’ project and will offer approximately 1 million sq. ft. of carpet area.
Land transactions in India have remained muted during the April to June quarter with only 25 deals covering 325 acres closed during this period, mainly due to high prices and general elections, according to a report of ANAROCK, a real estate consultancy firm.
Frequently Asked Questions
Who sold the 20.5 acres of land in Mumbai's Kandivali area?
Mahindra and Mahindra Limited
Who bought the 20.5 acres of land in Mumbai's Kandivali area?
Blueprintify Properties Pvt Ltd, part of Pune-based real estate firm Rucha Group
What is the value of the land deal?
₹210 crore
What is the per sq ft rate of the Kandivali east micro market?
₹25,000 to ₹35,000 for the residential segment
Why have land transactions in India remained muted during the April to June quarter?
Due to high prices and general elections
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