Mumbai: K. Raheja Corp Real Estate has acquired 3.72 acre of land in Mulund West last week for Rs 130 crore. The plot belonged to Malabar Hill resident Satish Chand Anand, who is one of the directors of Asia Automotive, manufacturers and suppliers of four wheeler spares particularly headlights, indicators, etc.
Locations of land purchased
This 3.72 acre big land parcel is at the intersection of Dr. Rajendra Prasad Road and Lal Bahadur Shastri Road at Vardhaman Nagar and opposite ESIS Kamgar Hospital. The plot abuts the under construction Wadala – Ghatkopar – Thane – Kasarvadavali – Gaimukh metro rail and is within the influence zone of a metro station.
K. Raheja Corp Real Estate’s board meeting held on May 5 had approved the purchase of the plot and the agreement was registered on June 17 on paying Rs 7.80 crore in stamp duty, showed documents accessed with the assistance of CRE Matrix – a real estate data analytics firm.
The latest deal is the second land acquisition by the builder along the LBS Road in eastern suburb of Mumbai.
On May 29 this year, K Raheja Corp had purchased development rights of one of the last remaining studios – Cinevista at Kanjurmarg - Vikhroli. The 3.91 acre film studio property was bought for Rs 78.35 crore against 75.50% of the land’s value. The balance 24.50% share has been retained by Cinevista, which the entertainment company will get after the property’s development.
Similar to Cinevista, according to market sources, the developer plans to create a premium residential space on the latest addition to its land bank. K. Raheja Corp’s spokesperson declined to comment on the company’s plan and strategy related to its focus on the eastern suburbs.
