Mahindra & Mahindra sells Kandivali land parcel for Rs 210 crore to Pune developer
Mahindra & Mahindra sells Kandivali land parcel for Rs 210 crore to Pune developer
The said land parcel falls under the No Development Zone and is bounded by the Sanjay Gandhi National Park (SGNP) on the east and south sides.
August 2, 2024
Automaker Mahindra & Mahindra Ltd has sold a 20.5-acre plot in Mumbai’s Kandivali (East) area to a Pune-based developer.
The company sold the property to Rucha Group’s real estate development entity Blueprintify Properties for Rs 210 crore.
According to the details accessed by CRE Matrix, the real estate data analytics firm, the stamp duty paid for the transaction was Rs 13.41 crore. The deal was registered on July 24.
The said land parcel falls under the No Development Zone and is bounded by the Sanjay Gandhi National Park (SGNP) on the east and south sides. The land, connected to the Western Express Highway, is non-agricultural.
The buyer paid a stamp duty of more than Rs 13 crore for the purchase.
Blueprintify Properties shares an address with the Rucha Group of companies in Pune, which is into real estate and as well as land aggregation services.
According to local brokers, this is perhaps one of the biggest land deals in the western suburbs this year.
The Kandivali East micro market, where the land parcel is located, commands a per sq ft rate of Rs 25,000 to Rs 35,000 for the residential segment.
This will be its second residential development in Kandivali after its successful ‘Mahindra Roots’ project and will offer approximately 1 million sq. ft. of carpet area, the company noted.
Mahindra Lifespaces, the real estate arm of the Mahindra Group, in February 2022, had announced that it had bought approximately 9.24 acres of land in Mumbai’s Kandivali area from Mahindra & Mahindra Ltd for Rs 365 crore for real estate development.
