K Raheja Corp Acquires 1.5 Acres Land in Central Mumbai
Raheja Corp has acquired an over 1.5 acres land parcel in Central Mumbai locality from a public charitable trust K J Somaiya Trust for over Rs 120 crore. An additional 0.4 acres land parcel adjoining this plot will also be acquired by the developer through a separate transaction, as per the terms agreed upon between both parties. With the second tranche of the deal, K. Raheja Corp will own nearly 2 acres of land in this location. The developer has acquired the land parcel through one of its affiliated companies. Feat Properties has paid stamp duty worth Rs 7.24 crore at the time of registration of the deal recently. The land parcel is part of a larger plot measuring 11.5 acres which was a part of Wadia Mahal property that was transferred to K. J Somaiya Trust through a conveyance in 1962. While the land parcel falls under the salt pan division, there are no orders of authority restricting the development of the property. The trust has already secured the Charity Commissioner’s permission as per the Maharashtra Public Trusts Act 1950 for the transfer in April of this year. No other approval from any government authority is needed for the same and there are also no restrictions on the transfer of the said property., showed the copy of the agreement accessed. In February the trust had invited bids to sell freehold land measuring 1.90 acres which is part of the larger plot. Following this, a total of four entities including K Rajeha Corp have shown interest in acquiring the plot by submitting their bids. K Raheja Corp emerged as the highest bidder after it increased the offer price in the second stage of the process. The developers and the trust entered into an MoU on March 10 after which permission from the Charity Commissioner was secured. While the deal of the 1.5 acres land parcel has been concluded now, a separate transaction for an additional 0.4 acres plot will be executed. It could not be ascertained if the company is planning to develop a commercial or residential property on this newly acquired land parcel.
Tags : K. Raheja Corp Central Mumbai charitable trust K J Somaiya Trust developer Charity Commissioner