Mahindra and Mahindra Ltd, the well-known automobile manufacturer, has divested a substantial 20.5-acre parcel of land in Mumbai’s Kandivali area for ₹210 crore. This transaction, one of the significant land deals in Mumbai’s western suburbs this year, was finalised with Blueprintify Properties Pvt Ltd, a subsidiary of the Pune-based Rucha Group. Property registration documents from CRE Matrix confirm that the deal was officially recorded on July 24, 2024.
The land, which is non-agricultural and strategically located, connects to the Western Express Highway (WEH) on one side and faces the Sanjay Gandhi National Park (SGNP) on the other. This prime location not only enhances its appeal but also contributes to its high market value. Local brokers have noted that the Kandivali east micro-market, where this land is situated, commands a residential segment price range of ₹25,000 to ₹35,000 per square foot. The stamp duty for the transaction amounted to ₹13.41 crore, reflecting the substantial value of the deal. This sale is indicative of Mahindra and Mahindra’s strategic moves to optimise their asset portfolio, leveraging high-value land assets to fuel other ventures.
Interestingly, this sale follows a similar transaction in February 2022 when Mahindra Lifespaces, the real estate arm of the Mahindra Group, purchased approximately 9.24 acres of land in the same area from Mahindra and Mahindra Ltd for ₹365 crore. That acquisition was aimed at real estate development, marking Mahindra Lifespaces’ second residential project in Kandivali after the successful ‘Mahindra Roots’ project. The new development is expected to offer approximately 1 million square feet of carpet area. The recent deal underscores the ongoing demand for prime real estate in Mumbai’s suburban areas. The land’s connectivity and proximity to significant landmarks make it an attractive investment for developers. Blueprintify Properties Pvt Ltd’s acquisition signals the firm’s ambitions to expand its real estate footprint in Mumbai. The land transactions across India have been muted during the April to June quarter, with only 25 deals covering 325 acres, as reported by ANAROCK, a real estate consultancy firm. This marks a decline compared to the 29 land deals covering 721 acres in the same period the previous year. High prices and the general elections have been cited as the primary reasons for this slowdown.
This latest development in Kandivali highlights the resilience and potential of Mumbai’s real estate market, even amid broader market challenges. As the city continues to attract significant investments, such transactions are poised to shape its landscape, driving further growth and development.
