Two city plots sold for ₹211 crore

Panasonic Life Solutions India Private Limited has purchased a prime land parcel in Mumbai’s Andheri East area for ₹160 crore whereas K J Somaiya Trust has sold one of its plots in eastern suburbs for ₹51 crore.

MUMBAI: Panasonic Life Solutions India Private Limited has purchased a prime land parcel in Mumbai’s Andheri East area for ₹160 crore whereas K J Somaiya Trust has sold one of its plots in eastern suburbs for ₹51 crore.

Two city plots sold for ₹211 crore

The 6,586.90-square-metre plot in Andheri East is situated at Saki Vihar Road, a prime commercial district near SEEPZ and MIDC. As per the documents available with the Inspector General of Registrations (IGR), accessed through proptech platform Square Yards, Panasonic Life Solutions bought the plot from River Rose Developers LLP, promoted by the Kakadias.

As per the property transaction documents, registered on January 29, the ₹160-crore deal involved a stamp duty payment of ₹9.60 crore, apart from the mandatory ₹30,000 towards registration fee.

Panasonic Life Solutions India is an electrical equipment manufacturing company providing modular and non-modular switches, wiring devices, fans, lighting, solar equipment, switchgear, cables and power tools.

Commenting on the deal, Anand Moorthy, co-founder and CBO, Capital Market & Services, Square Yards, said, “Mumbai continues to reinforce its position as a commercial powerhouse, driven by sustained strategic investments from leading major firms. The recent surge in land acquisitions and office leasing activity in key business areas such as Andheri, Lower Parel, Bandra-Kurla Complex amongst others along with growing interest in data centre developments across the metropolitan region, underscores the city’s enduring appeal for both global and domestic enterprises.”

Meanwhile, in another deal, Ajmera Realty & Infra India has acquired a 1,341.1-sq-metre plot in Ghatkopar East from K J Somaiya Trust for ₹51 crore. The company’s director, Dhaval Ajmera, confirmed the development and said that this micro-market is an attractive destination for homebuyers in the eastern suburbs. The developer plans to build a luxury housing project here.