Real estate developer Runwal Group has acquired an over 20-acre land parcel in Thane near Mumbai from a chemical company PB Global for around Rs 471 crore.
Both Runwal Group and PB Global have already entered into a definitive agreement for the land transaction and the registration of the entire deal is expected to be completed in tranches.
The first part of the deal for around 9-acre plot, which is a freehold land parcel, has already been concluded for over Rs 204 crore. Other tranches will be concluded based on certain approvals from the government authorities.
“The agreement for the land transfer between one of the affiliate companies of Runwal Group and PB Global was concluded a few days ago. The first part of the deal has already been registered and the rest will also be done in the next couple of weeks,”
The contiguous land parcel is located in close proximity to the developer’s existing retail property R Mall in Ghodbunder locality of Thane. The plot used to house a factory that had stopped its operations years ago.
The PB Group was established in 1960 as Pesticides Ltd, a leading producer of pesticides and agrochemicals. The company has since expanded to be a group with diversified interest across sectors such as chemicals distribution and consumer electronics.
Runwal Group is financing this land acquisition through its sales and accruals. The group, counted among the large realty developers in the country, has recorded sales worth over Rs 6,050 crore for the financial year 2021-22. The developer has recorded a year-on-year growth of over 30% and has, over the last 3 years witnessed revenue growth of over 100%. Runwal holds the second largest inventory of land banks in Mumbai.
