K Raheja Corp has acquired a 3.72-acre land parcel on LBS Marg in Mumbai’s central suburb Mulund for Rs 130 crore. The company is planning to develop a premium residential project on the said parcel.
K Raheja Corp has paid stamp duty of Rs 7.80 crore for the registration of the deal that took place on June 16. Following the execution of the transaction, the developer has paid Rs 105 crore to the erstwhile landowner.
The company will be paying the balance amount of Rs 25 crore to the seller after 9 months from the execution of the deed or within 3 days of receiving the commencement certificate from concerned authorities, whichever is earlier, showed documents accessed through CRE Matrix.
Both the parties have agreed that in the event of the balance consideration or any part thereof is not paid on the due date, the developer will pay the seller interest at 12% per annum from the due date till the actual payment is made.
Recently, K Raheja Corp’s residential development entity K Raheja Corp Homes inked an agreement to develop a four-acre land parcel that houses a production house’s studio in Mumbai’s central suburb KanjurMarg.
Prior to that, the developer had acquired BR House, the family house of one of the foremost filmmakers of Bollywood, B.R. Chopra, and is planning to develop an ultra-luxury project on this plot in Mumbai’s Juhu area.
The 25,000-sq-ft bungalow is spread over nearly an acre of land in Mumbai’s tony Juhu locality that is dotted with properties of actors, directors, and producers of Hindi films.
The ongoing upcycle in the housing market segment is prompting more real estate developers to opt and propose residential developments on their land parcels that are already part of their land bank or are being acquired now.
Out of the total 2,181 acres of land transacted between January 2022 and May 2023, around 84% or 1,822 acres has been allocated for proposed residential developments, showed recent data.
Most land parcels acquired by the developers across the country in the last 18 months have been added to their residential development pipeline and is an indication of augmented capex utilisation aimed at clocking higher sales in the upcoming quarters.