Mumbai real estate: Mahindra and Mahindra Ltd sells 20.5 acres land in Kandivali area for ₹210 crore
Mahindra and Mahindra Ltd has sold the land to Blueprintify Properties Pvt Ltd, part of Pune-based real estate firm Rucha Group, documents revealed
Automobile manufacturer Mahindra and Mahindra Limited has sold 20.5 acres land in Mumbai's Kandivali area for ₹210 crore, according to property registration documents by CRE Matrix.
The land was sold to Blueprintify Properties Pvt Ltd, a part of Pune-based real estate firm Rucha Group, and the transaction was registered on July 24, 2024, according to the documents.
The stamp duty paid for the transaction was ₹13.41 crore, the documents showed.
The land sold by Mahindra and Mahindra Limited is non-agricultural and is located in the Kandivali area where the company has an automobile manufacturing facility.
The land is connected to the Western Express Highway (WEH) on one side and faces the Sanjay Gandhi National Park (SGNP) on the other.
According to local brokers this is perhaps one of the biggest land deals in the western suburbs this year. The Kandivali east micro market, where the land parcel is located, commands a per sq ft rate of ₹25,000 to ₹35,000 for the residential segment.
“The sale of the Kandivali land parcel was conducted in accordance with applicable stamp duty valuation guidelines for the type of land parcel. Mahindra Lifespaces, already developing a nearby project, deemed this plot non-strategic,” Mahindra and Mahindra Ltd in a email response said.
“The company has an option to consider monetizing other land assets in the future, however there are no concrete plans at present. Any such decisions would depend on various factors and market conditions.” the statement added.
Blueprintify Properties Pvt Ltd in a email response to HT.com said, “The said land parcel is non-agriculture in nature and is currently in No Development zone (NDZ) as per Development Plan (DP) remarks of 2034 issued by Mumbai civic body (MCGM). Further, the said land is abutting the Sanjay Gandhi National Park.”
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In February 2022, Mahindra Lifespaces, the real estate arm of the Mahindra Group, had announced that it had bought approximately 9.24 acres of land in Mumbai's Kandivali area from Mahindra & Mahindra Ltd for ₹365 crore for real estate development.
The company had said that this will be its second residential development in Kandivali after its successful ‘Mahindra Roots’ project and will offer approximately 1 million sq. ft. of carpet area.
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Land transactions in 2024
Land transactions in India have remained muted during the April to June quarter with only 25 deals covering 325 acres closed during this period, mainly due to high prices and general elections, according to a report of ANAROCK, a real estate consultancy firm. In comparison, there were 29 land deals closed in the year-ago period, comprising 721 acres.
Of the total land deals closed in Q2 2024 (Apr.-June), over 17 for 163+ acres have been proposed for residential developments. Agriculture, mixed-use development, data centers, logistics parks, industrial, and retail saw one deal each, the ANAROCK report said.
