Mumbai Khadi Association Sells 3.84-Acre Land in Borivali for ₹539 Crore
In a significant real estate deal, the Mumbai Khadi & Village Industries Association has sold a 3.84-acre freehold land parcel in Borivali, Mumbai, for ₹539 crore. The transaction highlights the increasing interest in prime land in suburban areas.
Real EstateLand SaleMumbaiBorivaliMixeduse DevelopmentReal Estate NewsApr 14, 2025
The land, located in Borivali, is situated in a strategic location, making it highly attractive for residential and commercial projects. Borivali, a bustling suburb of Mumbai, has seen rapid urbanization over the years, driven by its proximity to commercial hubs and excellent connectivity via the Mumbai Suburban Railway and major roads.
According to sources close to the deal, the Mumbai Khadi & Village Industries Association, which has been a key player in promoting khadi and village industries, decided to sell the land to monetize its assets and reinvest in its core activities. The association has been proactive in seeking opportunities to generate revenue from its surplus land holdings, which have appreciated significantly in value over the years.
The buyer, a private developer with a strong track record in real estate, plans to develop a mixed-use project on the site, which could include residential apartments, commercial spaces, and possibly a retail component. The developer's strategy aligns with the growing trend of mixed-use developments in suburban areas, which are designed to cater to the needs of a diverse population and support sustainable urban growth.
The sale of the land is also expected to have a positive impact on the local economy, creating jobs and fostering development in the surrounding areas. Borivali, which is already home to a mix of residential and commercial developments, is poised to see further growth as more investors and developers show interest in the suburb.
Real estate experts point out that the transaction reflects the robustness of the Mumbai property market, even in the face of economic uncertainties. The city continues to attract significant investment, driven by its strategic location, strong infrastructure, and a large pool of potential buyers. The sale of the 3.84-acre land in Borivali is just one example of the many high-value transactions taking place in the region.
The Mumbai Khadi & Village Industries Association, established to promote khadi and village industries, has been instrumental in supporting local artisans and small-scale industries. The proceeds from the sale will be used to fund various initiatives and projects aimed at uplifting the local community and promoting sustainable development.
Overall, the sale of the land in Borivali marks a significant milestone in the real estate sector and signals the continued attractiveness of suburban areas for investment and development. As the city continues to grow, such transactions are likely to become more frequent, driving further urbanization and economic activity in Mumbai's suburbs.
Frequently Asked Questions
What is the significance of the land sale in Borivali?
The sale of the 3.84-acre land in Borivali for ₹539 crore is significant as it highlights the growing demand for prime land in suburban Mumbai and is expected to boost local development and the real estate market.
Who is the buyer of the land?
The land was sold to a private developer with a strong track record in real estate, who plans to develop a mixed-use project on the site.
What does the Mumbai Khadi & Village Industries Association plan to do with the proceeds?
The Mumbai Khadi & Village Industries Association plans to use the proceeds from the land sale to fund various initiatives and projects aimed at uplifting the local community and promoting sustainable development.
What kind of project is the buyer planning to develop?
The buyer plans to develop a mixed-use project on the site, which could include residential apartments, commercial spaces, and possibly a retail component.
How will this land sale impact the local economy in Borivali?
The sale of the land is expected to have a positive impact on the local economy by creating jobs and fostering further development in the surrounding areas.
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