K Raheja Corp Acquires 5.7-Acre Plot in Mumbai’s Kandivali for Premium Residential Development
K Raheja Corp has acquired a 5.75-acre plot along with a built-in property in Mumbai’s Kandivali East for approximately Rs 466 crore. The deal was formalized through an agreement signed between the company’s subsidiary, K Raheja Corp Real Estate, and Global e-Service, formerly known as The New Vinod Silk Mills. The documents revealed that the developer paid Rs 31.74 crore in stamp duty for registering the deal, as per records accessed through CRE Matrix, a real estate data analytics platform.
K Raheja Corp Real Estate plans to develop a premium residential project on the newly acquired plot. Currently, the company is in the process of securing the necessary approvals from Mumbai’s civic authority. According to reports, an initial payment of Rs 200 crore has already been made to Global e-Service. The remaining balance will be settled after the company obtains the required permissions, with a five-year period set for this process.
This acquisition in Kandivali marks the fourth real estate purchase by K Raheja Corp in recent months. Prior to this, the company made notable acquisitions including Bayside Mall and the Popular Press Building in South Mumbai’s Tardeo locality. These properties, valued at over Rs 355 crore, represent key strategic investments for the company.
K Raheja Corp also made headlines when it acquired SOBO Central Mall in Haji Ali, South Mumbai. The mall, which covers 1.3 acres, was purchased for Rs 476 crore from the Bansi Mall Management Company, a subsidiary of Kishore Biyani’s Future Group. The property was part of a liquidation process led by Canara Bank. Like other acquisitions, the company plans to redevelop this site into a luxury residential project, further strengthening its footprint in Mumbai’s upscale real estate market.
The luxury housing market in India has seen a significant surge in demand over the past two years, particularly across top cities. Mumbai, as the country’s financial capital, has led the way in this segment, with upscale properties in areas like South Mumbai and Worli-Prabhadevi continuing to attract considerable attention. Many of these transactions involve developers acquiring land through direct purchases or joint development agreements. Additionally, housing society redevelopment projects have gained momentum as more developers seek to meet the growing demand for luxury properties in prime locations.
The acquisition of these properties by K Raheja Corp signals its commitment to tapping into the high-end residential market. The company’s focus on prime locations and luxury developments reflects the strong demand for premium housing options in Mumbai. As developers like K Raheja Corp continue to acquire strategic land parcels and existing properties, the city’s real estate landscape is expected to undergo further transformation.
The market trend indicates that luxury housing developers are increasingly targeting well-established neighborhoods and central locations, where they can create projects that cater to high-net-worth individuals seeking quality living spaces. With increasing interest from domestic and international investors, the luxury housing market is poised to grow even further.
