K Raheja Corp inks pact to buy 5.7 acres in Mumbai’s Kandivali for Rs 466 crore
K Raheja Corp is acquiring a 5.75 acre plot along with a built-in property in Mumbai’s western suburb of Kandivali east for around Rs 466 crore.
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The company’s subsidiary K Raheja Corp Real Estate inked an agreement with Global e-Service, formerly known as The New Vinod Silk Mills, to buy the land parcel along with the building known as Vinod House.
The developer paid Rs 31.74 crore as stamp duty to register the deal signed on December 22, showed documents accessed through CRE Matrix, a real estate data analytics platform.
According to property consultants, K Raheja Corp Real Estate is looking to develop a premium residential project on the plot and is in the process of applying to Mumbai’s civic authority for approvals.
The company has made an initial payment of Rs 200 crore to Global e-Service with the rest payable after getting the civic authority’s approvals. The agreement has set a five-year period for the developer to secure the permissions.
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