Mumbai Real Estate Market Sees Significant Land Deal with Mahindra and Mahindra Ltd's Sale of 20.5 Acres Land in Kandivali Area
Mahindra and Mahindra Ltd has sold 20.5 acres of land in Mumbai's Kandivali area to Blueprintify Properties Pvt Ltd, part of Pune-based real estate firm Rucha Group, for ₹210 crore.
Mumbai Real EstateMahindra And Mahindra LtdRucha GroupLand DealKandivali AreaReal EstateAug 01, 2024
The land sold by Mahindra and Mahindra Limited is non-agricultural and is located in the Kandivali area where the company has an automobile manufacturing facility. 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 perhaps 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 announced in February 2022 that it had 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 said 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. In comparison, there were 29 land deals closed in the year-ago period, comprising 721 acres.
Frequently Asked Questions
Who sold the 20.5 acres of land in Mumbai's Kandivali area?
Mahindra and Mahindra Ltd sold the 20.5 acres of land to Blueprintify Properties Pvt Ltd, part of Pune-based real estate firm Rucha Group.
What is the value of the land deal?
The land deal is worth ₹210 crore.
What is the location of the land parcel?
The land parcel is located in the Kandivali area, connected to the Western Express Highway (WEH) on one side and facing the Sanjay Gandhi National Park (SGNP) on the other.
What is the per sq ft rate of the Kandivali east micro market?
The per sq ft rate of the Kandivali east micro market is ₹25,000 to ₹35,000 for the residential segment.
Why have land transactions in India remained muted during the April to June quarter?
Land transactions in India have remained muted during the April to June quarter due to high prices and general elections, according to a report of ANAROCK, a real estate consultancy firm.
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