K Raheja Corp, a prominent real estate developer, acquired a 3.72-acre land parcel in Mumbai's Mulund suburb for Rs 130 crore, intending to develop a premium residential project. The company recently completed the transaction, paying stamp duty and the initial amount to the landowner. K Raheja Corp plans to pay the remaining balance after nine months from the deed's execution or upon receiving the commencement certificate. The company's interest in residential developments aligns with the current trend of developers utilizing land for housing projects amid a positive housing market upcycle.
K Raheja Corp, a prominent realty developer, has recently acquired a 3.72-acre land parcel on LBS Marg in Mumbai's Mulund suburb for Rs 130 crore. The company's plan is to develop a premium residential project on this prime parcel. The transaction was completed on June 16, with the developer paying a stamp duty of Rs 7.80 crore and Rs 105 crore to the previous landowner.
K Raheja Corp is set to pay the remaining Rs 25 crore to the seller of the 3.72-acre land parcel in Mulund, Mumbai, either nine months from the deed's execution or within three days of receiving the commencement certificate from authorities, whichever comes first. According to documents accessed through CRE Matrix, the agreement specifies that in case of delayed payment, the developer will pay the seller an interest rate of 12% per annum.
Regarding recent developments, K Raheja Corp Homes, the residential development entity of K Raheja Corp, signed an agreement to develop a four-acre land parcel housing a production house's studio in Kanjur Marg, Mumbai. Additionally, the company acquired BR House in Juhu, Mumbai, and is planning to create an ultra-luxury project on this nearly one-acre plot.
As the housing market segment experiences an upcycle, more real estate developers are considering residential developments on their existing land bank or newly acquired parcels. This trend reflects the growing demand and potential in the housing sector. Recent data reveals that out of the total 2,181 acres of land transacted between January 2022 and May 2023, approximately 84% or 1,822 acres have been earmarked for proposed residential developments.
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