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 Runwal Group acquires land parcel for Rs 471 crore in Thane

Thane continues to witness immense activity on the infrastructure front (flyovers, Metros, and Mumbai Nagpur expressway) and robust industrial and logistics parks development

Representational image.

Representational image.

Mumbai-based Runwal Group has acquired a land parcel spread across an area of 20.96 acres in Thane for Rs 471 crore from a chemical company PB Global Ltd, documents accessed by CREMatrix showed.

The total stamp duty value paid is Rs 28.26 crore, the documents revealed.

The three land parcels - 9.24 acres, 6.85 acres, and 4.85 acres have been bought by Dhruva Woollen Mills Private Limited (an affiliate company of Runwal Group) which is majorly in the manufacturing (textiles) business for the last 70 years.

There was no response from Runwal Group.

The PB Group was established in 1960 as Pesticides Limited, a leading producer of pesticides and agrochemicals in Thane.

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“Given Mumbai offers development options primarily in terms of redevelopment and SRA projects, Thane becomes the preferred choice for developers. More importantly, Thane provides large land parcels where mini townships can be built. We strongly reiterate that we foresee a structural shift in homebuyers' preference toward large community living projects loaded with amenities. Also, Thane offers the much-needed affordability that Mumbai cannot,” said Abhishek Kiran Gupta, Co-founder, and CEO, of CRE Matrix.

Thane continues to witness immense activity on the infrastructure front (flyovers, Metros, and Mumbai Nagpur expressway) and robust industrial and logistics park development. We continue to remain bullish on Thane as a preferred destination for homebuyers, he said.

Local brokers told Moneycontrol that the deal price is competitive given the implementation of United Development Control Promotion Regulations (UDCPR) norms. It works out to be around Rs 22.47 crore per acre.

Also Read: JM Financial buys two apartments in Mumbai for Rs 60 crore

The state government had modified the UDCPR for the rest of the state in 2020 to give a boost to the Floor Space Index which means that there would be more skyscrapers dotting the sky across the state.

The rules mandate that permissible FSI will be linked to the length of the adjoining roads. It has given 60% additional FSI above the permissible FSI for residential and 80% for commercial spaces.

In 2019, Runwal group bought an 8-acre Cable Corporation land for Rs 530 crore in Borivali.
Vandana Ramnani
first published: May 15, 2022 08:52 pm
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