Real estate developer Runwal announced that it has bought a four acre land parcel at Kanjurmarg, in Mumbai's north-eastern suburbs, for Rs 232 crore. The land parcel was sold by the tile manufacturer NITCO, according to a press release.
Runwal said that the land parcel will be used for a mixed use residential and commercial project, with relevant registrations to be done "shortly". The land currently houses some assets of NITCO, such as a marble showroom. A total investment of around Rs 1,500 crore is planned for the project, according to sources.
The release said that the land is located in a "prime" area, close to the arterial Eastern Express Highway and Jogeshwari-Vikhroli Link Road, as well as the Kanjurmarg railway station. Two Mumbai Metro lines, namely Line 6 and Line 4, are also under construction in or near the area.
Runwal is a major player in Mumbai's eastern suburbs, having developed and in the process of developing major group housing projects in areas such as Kanjurmarg, Ghatkopar, Mulund, and others, with 14 projects underway. The developer also operates a shopping mall chain, R City, with one of the malls in the chain located in the Ghatkopar suburb.
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