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representative imagerealty developer K Raheja Corporation has acquired 3.72 acres of land LBS Route In Mumbaicentral suburb of Mulund 130 crores in Rs. 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 registration of the deal which took place on June 16. After the execution of the transaction, the developer has paid Rs 105 crore to the former land owner.
The company will pay the balance amount of Rs 25 crore to the seller after 9 months from the execution of the deed or within 3 days from the date of receipt of commencement certificate from the concerned authorities, whichever is earlier, as per the documents accessed through the sources. CRE Matrix,
Both the parties have agreed that if the balance amount or any part thereof is not paid on the due date, the Developer shall pay interest at the rate of 12% per annum to the Seller from the due date till the actual payment is made.
ET’s email query to K Raheja Corp remained unanswered at the time of writing.
Recently, Raheja Corp Homes, the residential development arm of K Raheja Corp, entered into an agreement to develop a four-acre land parcel in Kanjurmarg, a central suburb of Mumbai, that houses a production house studio.
Earlier, the developer had acquired BR House, the family home of one of Bollywood’s leading filmmakers, BR Chopra, and is planning to develop an ultra-luxury project on this plot in Mumbai’s Juhu area.
The 25,000-square-foot bungalow is spread over nearly an acre of land in Mumbai’s Juhu area, which is filled with properties owned by actors, directors and producers of Hindi films.
The ongoing upsurge in the housing market sector is prompting more real estate developers to opt for and propose residential developments on their land parcels that are already part of their land bank or are now being acquired.
Recent data shows that of the total 2,181 acres of land transacted between January 2022 and May 2023, about 84% or 1,822 acres have been allotted for the proposed residential development.
Most of the land parcels acquired by developers across the country in the last 18 months have been added to their residential development pipeline and this is an indication of increased capital expenditure utilization aimed at achieving higher sales in the coming quarters.
