Mumbai's Malad Area Sees Major Real Estate Deal: IT Park Sold for ₹335 Crore
Property Ventures (India) Pvt Ltd sells IT Park to Clear Bridge Ventures LLP for ₹335 crore in Mumbai's Malad area.
Mumbai Real EstateIt ParkMaladProperty Ventures India Pvt LtdClear Bridge Ventures LlpReal EstateAug 30, 2024
The IT Park, spread across an area of 1.96 acres, is located in the Linking Road area of Malad west. The property is a ground-plus-six floors building with a total saleable area of 1.47 lakh sq ft. It also has 123 car parking spaces and six slots for vehicles.
This deal is one of the major land transactions in Mumbai in recent times. In another deal, automobile manufacturer Mahindra and Mahindra Limited had sold a 20.5 acres land parcel in Mumbai's Kandivali area for ₹210 crore. The land was sold to Blueprintify Properties Pvt Ltd, a part of Pune-based real estate firm Rucha Group.
Land transactions in India have remained muted during the April to June quarter, with only 25 deals covering 325 acres closed during this period. This is mainly due to high prices and general elections, according to a report by ANAROCK, a real estate consultancy firm.
Of the total land deals closed in Q2 2024, over 17 for more than 163 acres have been proposed for residential developments. Agriculture, mixed-use development, data centers, logistics parks, industrial, and retail saw one deal each, the ANAROCK report said.
About Property Ventures (India) Pvt Ltd
Property Ventures (India) Pvt Ltd is a subsidiary of RK Marbles, a leading company in the marble and granite industry.
About Clear Bridge Ventures LLP
Clear Bridge Ventures LLP is a real estate investment firm that focuses on investing in commercial and residential properties.
About Mahindra and Mahindra Limited
Mahindra and Mahindra Limited is a leading Indian multinational automotive manufacturing corporation.
About ANAROCK
ANAROCK is a real estate consultancy firm that provides research and advisory services to clients in the real estate industry.
Frequently Asked Questions
What is the value of the IT Park sold in Mumbai's Malad area?
The IT Park was sold for ₹335 crore.
Who sold the IT Park in Mumbai's Malad area?
Property Ventures (India) Pvt Ltd, a subsidiary of RK Marbles, sold the IT Park.
Who bought the IT Park in Mumbai's Malad area?
Clear Bridge Ventures LLP bought the IT Park.
What is the total saleable area of the IT Park?
The total saleable area of the IT Park is 1.47 lakh sq ft.
How many car parking spaces does the IT Park have?
The IT Park has 123 car parking spaces and six slots for vehicles.
Related News Articles
Maharashtra Lok Sabha Elections: Onion Growers' Plight Led to Mahayuti's Downfall
Maharashtra Deputy Chief Minister Ajit Pawar attributes the poor performance of the Mahayuti alliance in the recent Lok Sabha elections to the dissatisfaction among onion growers in the state.
Luxury Residential Market Remains Strong, Says DLF
India's largest real estate developer, DLF, reports no slowdown in luxury residential market, despite removal of indexation benefits in budget.
Real Estate Sector Shows Steady Growth: High-End Residential and Commercial Spaces Lead the Way
The real estate sector is witnessing a steady performance, driven by strong demand in high-end residential sales and consistent leasing activities in commercial spaces.
Luxury Flats Above Rs 5 Crore Witness 80% Growth in 2024: Top 7 Cities Lead the Surge
In 2024, around 302,000 housing units were launched, marking the highest annual residential supply across India's top 7 cities. The luxury segment, priced above Rs 5 crore, saw an impressive 80% growth compared to 2023.
Industry Reactions to the 2025-26 Budget: Construction and Real Estate Sectors
The 2025-26 Budget has received a mix of positive and constructive feedback from the construction and real estate sectors. These progressive reforms align with India's vision for sustainable growth and development.
Naredco Hails Urban Development and Revenue Reforms in India
The National Real Estate Development Council (Naredco) has lauded the recent urban development and revenue reforms in India, stating that these initiatives are poised to significantly boost the real estate and infrastructure sectors.