Automobile manufacturer Mahindra and Mahindra Ltd. has sold 20.5 acres of land in Kandivali, Mumbai for Rs.210 crore. According to documents accessed by CRE Matrix, the buyer is Blueprintify Properties Pvt Ltd, a subsidiary of Pune-based real estate firm Rucha Group. The deal was registered on July 24, 2024, with a stamp duty payment of Rs.13.41 crore.
Prime Location and Significance
The non-agricultural land sold by Mahindra & Mahindra Limited is located in the Kandivali area, near the company’s automobile manufacturing facility. The property faces Sanjay Gandhi National Park (SGNP) on one side and is connected to the Western Express Highway (WEH) on the other.
This transaction is one of the largest land purchases in the western suburbs this year. The Kandivali East micro-market, where the land is situated, commands high residential segment rates, ranging from Rs.25,000 to Rs.35,000 per square foot. This highlights the area’s increasing demand.
Mahindra’s Strategic Moves in Kandivali
This is not Mahindra & Mahindra’s first major land transaction in Kandivali. In February 2022, Mahindra Lifespaces, the Mahindra Group’s real estate arm, acquired about 9.24 acres from Mahindra & Mahindra Ltd for Rs.365 crore. The company declared that this will be its second residential development in Kandivali, delivering close to 1 million square feet of carpet space, after the success of its “Mahindra Roots” project. The aforementioned purchases highlight Mahindra’s strategic emphasis on capitalizing on its land holdings in Kandivali.
Recent Land Transactions in Mumbai
Mumbai’s real estate market has seen significant land transactions recently, reflecting its robust growth and development potential. High-value deals, such as those involving Mahindra and Mahindra Limited, underscore the city’s strategic importance for both residential and commercial real estate investments.
In a recent transaction, Dmart acquired a plot of land in Chandivali for ₹117 crore. Additionally, Hindustan Construction Company (HCC) sold a 2.35 lakh sq mt land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for ₹95 crore.
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