K Raheja Corp acquires FSI rights of almost 1.52 lakh sq ft in Mumbai for Rs 275 crore

Mumbai-based developer K Raheja Corp has acquired rights over floor space index (FSI) of almost 1.52 lakh sq ft in Mumbai, Wadala, for over Rs 275 crore, showed documents accessed by CRE Matrix, a real estate data analytics firm.

K Raheja Corp has acquired the rights through its subsidiary K Raheja Corp Realty Pvt Ltd, formerly known as Feat Properties Private Limited, from M M Developer and Saroj Landmark Realty LLP, the documents showed.

The property was being developed as part of the implementation of the slum rehabilitation scheme of the state government. The developers used the rehab component of a portion of the said land and rehabilitated all eligible slum dwellers.

The FSI rights are used for the purpose of developing a free sale component of the slum rehabilitation project. The total area of the building is around 1.52 lakh sq ft on which around 350 units can be constructed. The total area of the land is around 43,924.57 sq ft.

The agreement value of the building is Rs 275 crore and the stamp duty paid is around Rs 16 crore, the documents showed.

The transaction was registered on January 25, 2023.

WhatsApp messages sent to K Raheja Corp’s spokesperson went unanswered.

Earlier, in July 2022, Feat Properties Pvt Ltd, a subsidiary of K Raheja Corp, had bought a land parcel spread across an area of 6,151 sq m for Rs 120 crore in Sion, Mumbai, from KJ Somaiya Trust. A stamp duty of Rs 7.23 crore was paid by the buyer.

On May 27, 2022, Feat Properties Pvt Ltd purchased a bungalow measuring 3,278 sq m in Mumbai’s Juhu area for Rs 182.75 crore from Bollywood director and producer BR Chopra’s family. The property was sold by his daughter-in-law Renu Ravi Chopra. The deed of conveyance was registered on May 27, 2022. A stamp duty of around Rs 11 crore was paid.

Promoters of Mumbai-based K Raheja Corp had bought a Juhu plot along with the house sitting on it for Rs 265 crore in April last year. Ravi and Neel Chandru Raheja purchased the freehold property in Santa Cruz from businessman Bharat Hari Singhania and brother Raghupati Singhania as well as family members of the late Sri Pati Singhania,  the documents detailed.

The property was bought by Kamlapat Singhania back in 1935 on which a ground plus one upper floor was constructed.  It was known as Kamala Cottage, the documents showed.

The plot area of the property is 2,869.40 square metres (sq mt) and the structure is spread across 737 sq m (carpet). The buyers paid a stamp duty of Rs 15.90 crore and the property was registered on 29 April 2022.

In one of the biggest high-rise deals in India, in April 2021, Ravi and Neel Raheja and their mother Jyoti Raheja, bought three full floors (41, 43, and 44) and apartments on the 42nd and 45th floors, paying stamp duty of Rs 8.4 crore on the total value of Rs 426 crore. The 60,000-sq-ft project named Artesia is an iconic standalone 45-story tower located in Worli with an expansive view of the Arabian Sea and the Bandra Worli Sea Link.