Feat Properties Pvt Ltd, a subsidiary of K Raheja Corp, has bought a land parcel spread across an area of 6151 sq m for Rs 120 crore in Sion, Mumbai, from KJ Somaiya Trust, documents accessed by Indextap.com showed.
Stamp duty of Rs 7.23 crore was paid by the buyer.
The document was registered on July 25, 2022.
The buyer refused to comment.
"We see a ripple impact on Sion after the tremendous success of Chembur. Both markets have seen a flurry of infrastructure development in the last few years from flyovers connecting to BKC, freeway connectivity, etc.
These markets have traditionally been very residential focused and lacked commercial office or mall development. The infra projects resolved this problem.
“Till date, Western Suburbs continues to remain the kingmaker in terms of real estate development potential in Mumbai city. We expect Eastern Suburbs to press the accelerator in coming years purely driven by infra projects and availability of undeveloped land,” said Abhishek Kiran Gupta, CEO, and co-founder, of Indextap.comOn May 27, 2022, Feat Properties Pvt Ltd, a subsidiary of K Raheja Corp, had purchased a 3,278 sq m bungalow in Mumbai’s Juhu area for Rs 182.75 crore from Bollywood director and producer BR Chopra’s family. The property has been sold by his daughter-in-law Renu Ravi Chopra. The deed of conveyance was registered on May 27, 2022. Stamp duty of around Rs 11 crore had been paid.