Mumbai Khadi & Village Industries Association Sells 3.84 Acre Land for Rs 540 Crore
The Mumbai Khadi & Village Industries Association (MKVIA) has made a significant financial move by selling its 3.84-acre land in Borivali for over Rs 539.25 crore to a local real estate developer. This sale marks a major milestone in the organization's history and highlights the ongoing development in the Borivali area.
Real EstateMumbaiMkviaBorivaliLand SaleReal Estate MumbaiApr 15, 2025
MKVIA, an organization dedicated to promoting khadi and village industries, has been instrumental in supporting local artisans and small-scale industries. The funds from this sale are expected to be reinvested into various development projects aimed at uplifting rural economies and fostering sustainable growth. The sale also reflects the organization's commitment to adapting to changing economic landscapes while staying true to its core mission.
The 3.84-acre plot, located in a prime location in Borivali, has attracted significant interest from several real estate developers. The winning bid was secured by a local developer known for its commitment to sustainable and inclusive development. The developer plans to construct a multi-use complex that will include residential apartments, commercial spaces, and recreational facilities. This comprehensive development is expected to create numerous job opportunities and enhance the quality of life in the area.
The sale of the land has been a topic of discussion in the local community, with mixed reactions. While some residents are excited about the potential benefits of new development, others are concerned about the impact on the environment and the character of the neighborhood. MKVIA has assured the community that the developer is committed to adhering to environmental regulations and will work closely with local authorities to ensure that the development is sustainable and community-friendly.
In addition to the financial gain, the sale of the land provides MKVIA with an opportunity to reassess its long-term goals and strategic direction. The organization is planning to use the proceeds to invest in new projects and technologies that will further support the growth of khadi and village industries. This includes setting up new production units, training programs for artisans, and marketing initiatives to promote khadi products both domestically and internationally.
The Mumbai Khadi & Village Industries Association (MKVIA) has a rich history dating back to the early 20th century, when it was established to support the Khadi movement led by Mahatma Gandhi. Over the years, MKVIA has played a pivotal role in preserving traditional crafts and promoting sustainable livelihoods in rural areas. The sale of the land in Borivali is a testament to the organization's ability to navigate the complex dynamics of the modern economy while staying committed to its core values.
As the development plans for the 3.84-acre plot unfold, the local community and stakeholders will be closely watching to ensure that the project meets the highest standards of quality and sustainability. The success of this development could serve as a model for similar projects in the future, demonstrating how economic growth and community well-being can go hand in hand.
In conclusion, the sale of the 3.84-acre land by the Mumbai Khadi & Village Industries Association to a local real estate developer for Rs 539.25 crore is a significant milestone. It not only provides a financial boost to the organization but also highlights the potential for inclusive and sustainable development in the Borivali area. As the project progresses, it is hoped that it will bring numerous benefits to the local community and contribute to the broader goals of economic and social development.
Frequently Asked Questions
What is the Mumbai Khadi & Village Industries Association (MKVIA)?
The Mumbai Khadi & Village Industries Association (MKVIA) is an organization dedicated to promoting khadi and village industries. It supports local artisans and small-scale industries and has played a pivotal role in preserving traditional crafts and promoting sustainable livelihoods in rural areas.
How much did MKVIA sell the 3.84-acre land for?
MKVIA sold the 3.84-acre land in Borivali for Rs 539.25 crore.
What are the plans for the 3.84-acre land in Borivali?
The land is set to be developed into a multi-use complex that will include residential apartments, commercial spaces, and recreational facilities. The developer is committed to adhering to environmental regulations and working closely with local authorities to ensure the development is sustainable and community-friendly.
How will MKVIA use the proceeds from the land sale?
MKVIA plans to reinvest the funds into various development projects aimed at uplifting rural economies and fostering sustainable growth. This includes setting up new production units, training programs for artisans, and marketing initiatives to promote khadi products.
What is the significance of this land sale in the context of Borivali's development?
The sale of the land marks a significant milestone in the ongoing development of the Borivali area. It reflects the growing real estate value in the region and the potential for inclusive and sustainable development that can benefit the local community and economy.
Related News Articles
Unlocking Jammu & Kashmir's Potential: Rs 81,000 Crore Investment Proposals Flooding In
Jammu & Kashmir is poised for a transformative era, with vast potential for real estate development and more.
IBBI's New Regulations for Corporate Insolvency Resolution: What You Need to Know
New regulations for corporate insolvency resolution in India: How they impact real estate projects and more.
GST Relief for Real Estate Sector Unlikely, Says GoM
Most members of the Group of Ministers (GoM) are not in favour of providing GST relief to the real estate sector, particularly with regard to joint development agreements (JDAs) between developers and land owners.
Shapoorji Pallonji Real Estate Partners with Kanodia for a ₹1,200 Crore Luxury Housing Project
The collaboration will lead to the development of a luxurious apartment complex spanning 1.74 acres, marking Shapoorji Pallonji Real Estate's second major venture in Gurugram.
Fractional Ownership in Vacation Homes: A Thriving Investment Option
Fractional ownership has emerged as a popular investment avenue, allowing several investors to co-own high-value assets such as holiday homes. This model offers both lifestyle benefits and attractive financial returns.
Khaitan & Co Welcomes 30 New Partners Across Various Practice Areas
Khaitan & Co, a leading law firm in India, has announced the elevation of 30 new partners across various practice areas, including Banking & Finance, Corporate, Real Estate, and more. This strategic move underscores the firm's commitment to expanding its expertise and client base.