Rishabraj Developers Acquires 3.84 Acres of Land in Borivali for ₹539 Crore

In a significant move within Mumbai’s real estate market, Rishabraj Developers, a well-known name in the city's western suburbs, has acquired 3.84 acres of land in Borivali West for ₹539 crore. The deal involves four adjoining land parcels purchased from the Mumbai Khadi and Village Industries Association, a registered trust. According to property registration documents accessed by CRE Matrix, the transaction was completed on March 30, 2025, and includes the payment of over ₹32 crore in stamp duty and a registration fee of ₹30,000.

The deal consists of four freehold land parcels, previously vacant, which Rishabraj Developers intends to develop into a mixed-use residential and commercial space. The developer has already made an upfront payment of ₹52 crore to the seller, with the remaining ₹487 crore to be paid over the next four years. The documents also outline the conditions of the payment, with the seller entitled to receive 2.2 lakh square feet of residential space under RERA, along with a 1,000 square foot commercial unit, should the developer fail to meet the agreed payment schedule.

This transaction highlights the growing demand for land in suburban Mumbai, specifically in Borivali, a location that has been increasingly recognized as a promising investment hub.

Borivali has seen a surge in interest from both developers and homebuyers. According to Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix, the area has become a strategic investment location, particularly for regional developers. The land deal in question, which averages over ₹140 crore per acre, reflects the rising prices in the area and signals growing investor confidence in Borivali’s real estate market.

Gupta further emphasized that Borivali has gradually emerged as a key area in Mumbai’s suburbs, often likened to Andheri, which has historically been a dominant suburban hub. The area boasts excellent infrastructure, including well-developed high streets, large townships, and a growing presence of premium brands. As a result, housing prices have seen an upward trend, reflecting the increasing demand for residential properties.

As one of the most sought-after areas in the city, Borivali offers an attractive mix of affordability compared to Mumbai’s more central locations, as well as ample space for new development projects. This deal is expected to further spur local development and set new pricing benchmarks for land in the region.

Limited Availability of Large Land Parcels

Mumbai, known for its scarcity of large land parcels, has seen fewer outright land purchases in recent years. Most acquisitions typically happen through society redevelopment or slum rehabilitation schemes. However, in the case of Rishabraj Developers, this purchase stands out due to the large size of the land and the straight-out purchase agreement.

This is not an isolated incident, as Borivali and neighboring areas are attracting significant interest from developers. A similar deal was recently reported in Kandivali, where K Raheja Corp acquired 5.75 acres of land for ₹466 crore. These types of transactions indicate a trend where leading developers are increasingly turning to the suburbs for expansion, given the limited availability of large land parcels in the city center.

The Current State of the Borivali Market

The real estate market in Borivali has seen consistent growth in recent years. Local brokers report that the average price for residential units in Borivali is between ₹30,000 to ₹40,000 per square foot, with some premium projects reaching ₹40,000 to ₹50,000 per square foot. High-end developments have been a significant driver of this price hike, as the demand for upscale living spaces continues to rise.

For instance, in a notable transaction in October 2024, a 4 BHK luxury apartment in Borivali was sold for ₹14 crore, equating to ₹56,000 per square foot. This sale set a new record for the area, aligning Borivali’s pricing with other high-end localities like Andheri, Vile Parle, Dadar, and Mahim. Such sales show that even in suburban areas, demand for luxury homes is growing, especially as more people seek spacious, well-connected living options.

The deal by Rishabraj Developers will likely have far-reaching consequences for the future development of Borivali. Real estate experts believe that this acquisition, along with other similar transactions, will continue to shape the local market by encouraging both developers and investors to take a closer look at the potential of suburban areas.

The growing importance of Borivali is evident, not just from the significant land transactions but also from the quality of developments taking shape in the area. Leading real estate firms such as Oberoi Realty, Rustomjee Group, Lodha, and Ajmera Realty have all set up major projects in Borivali, underscoring the area's rising prominence in Mumbai’s real estate landscape.

Additionally, as infrastructure improves and more high-end developments enter the market, the demand for both residential and commercial spaces will likely continue to increase. Borivali, once considered a quieter suburb, is quickly becoming one of the most desirable locations for people seeking a balanced lifestyle, offering proximity to the city center while maintaining the charm of suburban living.