Connect with us

Rentals

Runwal Group To Seal The Land Parcel Deal At Rs.180 Crores In Mumbai

Koshal Shelar

Published

on

Runwal Group To Seal The Land Parcel Deal At Rs.180 Crores In Mumbai

Mumbai: Runwal Group, a leading real estate company located in Mumbai, will be signing a deal to procure over 2.7 acres of land parcel belonging to the Rashtriya Metal Industries (RMI) at Andheri. The transaction will cost around Rs. 180 crores to the luxury realty company, said sources close to the development.

Runwal has signed a Memorandum of Understanding (MoU) with RMI to purchase the land parcel, which also houses RMI’s office and factory. A source told that the deal will be finalized in a couple of months.

Runwal Group plans to develop this newly acquired plot as a mixed-use development project. Currently, the company has its presence in the luxury residential, commercial and township spaces.

Runwal Group denied commenting on the development. RMI was not available for a comment. Property consultant and giant JLL facilitated the deal is what certain sources have to say. However, when contacted, they too were not available.

An industry expert stated that this land deal will emerge as the third largest land transaction of the financial year 2019.  

This is a sign that after the roll out of GST  and RERA the realty sector is exhibiting revival symptoms.

For the acquisition of a 7-acre plot in Vikhroli, Kanakia Group, another developer in the city, has struck a deal with India Tube Mills for Rs. 363 crore. Likewise, realty major Kalpataru has turned up to be the highest bidder for Mondelez India’s nearly 8-acre land parcel in Thane, offering over Rs. 280 crores.

According to experts, as the Island city and the eastern suburbs are saturating, the focus on western corridor has been revived. Locations like Andheri on the western corridor are acquiring interest from developers who want to grow their business.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

© 2018 RealtyNXT | All Rights Reserved