K Raheja Corp to acquires 5.75 acres in Kandivali for Rs. 466 crore

Mumbai-based K Raheja Corp has finalized an agreement to acquire 5.75 acres of land in Kandivali East for Rs. 466 crore, as per property registration records accessed from CRE Matrix. The deal, signed on December 22, 2024, involves purchasing the parcel located on Ashok Chakravarty Road from Global E-Service, previously known as The New Vinod Silk Mills. 

As part of the transaction, K Raheja Corp has paid Rs. 31.74 crore in stamp duty, calculated on the highest consideration value of Rs. 466 crore and including interest accrued on a Rs. 210 crore security deposit already paid to the seller.

The company has agreed to a five-year 'stop date,' requiring it to obtain the Intimation of Development (IOD) from the Brihanmumbai Municipal Corporation (BMC) by December 2029 to proceed with the balance payment and complete the purchase.

Market sources suggest that K Raheja Corp intends to develop a residential project on the acquired land. The total consideration value depends on the timeline for completing the transaction. If the final payment is made between November 2025 and January 2026, the consideration amount will be Rs.  422 crore.

However, delaying until the final deadline of December 2029 would raise the price to Rs. 466 crore.

This flexible pricing structure allows for adjustments based on the time required for regulatory approvals. The substantial security deposit and five-year window demonstrate K Raheja Corp's strategic planning to secure a prime location while navigating development and municipal processes for a future residential project in Mumbai's Kandivali East.