Mahindra & Mahindra Sells 20.5 Acres Of Land In Mumbai's Kandivali For ₹210 Cr

Mumbai: Automobile giant Mahindra and Mahindra Limited has sold 20.5 acres land in Mumbai's Kandivali area for Rs 210 crore to Blueprintify Properties Pvt Ltd, a part of Pune-based real estate firm Rucha Group.

According to the details accessed by CRE Matrix, the real estate data analytics firm, the stamp duty paid for the transaction was Rs 13.41 crore and the deal was registered on July 24, 2024.

The land, connected to the Western Express Highway, is non-agricultural.

Major Growth In Property Registrations

According to the latest report, Knight Frank said the city of Mumbai saw significant growth with 12,160 property registrations in July 2024 contributing over Rs 1,055 crore to the state exchequer. This marks a substantial 19% year-on-year (YoY) increase in registrations and a 27% YoY rise in revenue compared to the same period in 2023.

Sustained buyer confidence has resulted in consistent sales, for the first seven months of the year, marking eleven consecutive months of annual growth since August 2023. Notably, July 2024 achieved the highest number of property registrations for any July in over a decade.

This surge in property transactions is attributed to heightened economic prosperity and a rising preference for homeownership among Mumbai residents, the report said. In July 2024, residential units constituted 80% of total registrations, highlighting strong housing demand in the city.