K Raheja Corp Pvt Ltd buys land parcels in Mumbai for Rs 130 crore

K Raheja Corp Realty Pvt Ltd has bought land parcels spread across an area of 3.72 acres in Mulund West, Mumbai, for an agreement value of Rs 130 crore

K Raheja Corp Realty Pvt Ltd has bought land parcels spread across an area of 3.72 acres in Mulund West, Mumbai, for an agreement value of Rs 130 crore, documents accessed by CRE Matrix showed.

The company has paid a stamp duty of Rs 7.8 crore for the transaction, the conveyance deed dated June 17 showed.

The company did not offer any response to the queries sent.

Earlier, K Raheja Corp Realty Pvt Ltd had entered into a Development Agreement with Cinevista Ltd to develop a land parcel spread across an area of 3.91 acres located in village Hariyali in Kurla, Mumbai. The agreement value is Rs 272 crore for K Raheja Corp and Rs 78.35 crore for Cinevista Ltd, according to documents accessed by CRE Matrix.

Luxury housing in India is in the midst of a multi-year rally, and real estate developers are cashing in on the increasing demand. The higher realisation (price per square foot) for developers reflects the preference for bigger and premium homes, said experts, adding that buyers are mostly those who want to upgrade to larger apartments.

Sales of luxury houses costing Rs 10 crore and above in Mumbai increased over 60 percent to a total of Rs 11,400 crore in the first half of 2023 from the preceding half-year, coinciding with a boom in residential property sales, according to a report by India Sotheby’s International Realty and CRE Matrix. Sales in the previous six-month period stood at Rs 7,073 crore.

A recent report by Anarock also noted that unsold units in the luxury segment, priced above Rs 2.5 crore, declined 24 percent to 15,520 at the end of March, from 20,480 units a year earlier. At the end of March 2019, the unsold stock was about 23,130 units

K Raheja Corp Homes recently announced the launch of ultra-luxury limited edition homes in Mumbai’s Juhu micro-market, coming up at the nerve centre of cinema, BR House. The company’s subsidiary purchased the bungalow from Bollywood director and producer B R Chopra’s family last year.