K Raheja Corp bought Kandivali East’s plot for ₹466 crore

Mumbai's K Raheja Corp buys 5.75 acres in Kandivali East for ₹466 crore, continuing its expansion in the local real estate market.

MUMBAI: Mumbai-based realtor K Raheja Corp Real Estate Pvt Ltd has purchased a 5.75-acre plot in Kandivali East’s Ashok Nagar area for ₹466 crore, as per documents accessed via real estate data analytics platform CRE Matrix. The deal was concluded in the second half of December after paying a stamp duty of ₹3.17 crore to Global e-Service Pvt Ltd (erstwhile The New Vinod Silk Mills). The company did not share its plan behind this latest purchase.

Mumbai real estate: K Raheja Corp has entered into an agreement to purchase 5.75 acres of land in Mumbai's Kandivali area for ₹466 crore. (Picture for representational purposes only)(Pexels)

Ashok Nagar is situated between Kandivali railway station and Western Express Highway, making it a strategic location for a developer. In the last 20 years, this micro market of Mumbai has witnessed multiple real estate projects, especially in the redevelopment space and the Mumbai Metro line 7 shaping up to improve connectivity.

In the last couple of years, K Raheja Corp has been acquiring land parcels and properties at various locations of Mumbai, indicating its plan to continue to have a foothold in the Mumbai real estate market. For example, in August 2024, the company purchased The Bayside Mall as well as Popular Press in Tardeo, near Haji Ali Junction. The former’s land area is 1,216.29 sqm while the latter’s land is 1,070.24 sqm.

In June 2023, the company purchased 3.72 acres along Lal Bahadur Shastri Road in Mulund West for ₹130 crore to build a premium residential project. The same month, it had also signed a joint development agreement with Cinevista Limited to develop Kanjurmarg’s studio space 3.91 acre big for ₹78.35 crore. In 2022, K Raheja Corp purchased noted film maker BR House, BR Chopra’s Juhu residence for 182.75 crore.