Paint and coating manufacturer Kansai Nerolac Paints has said that it has finalised the sale of its land parcel along with the building located in Mumbai’s Lower Parel area for ₹726 crore to realtor Runwal Developers.
“This is further to our letter dated 26th December 2023 informing that the Board of Directors of the company had approved a proposal for entering into an agreement for sale with Aethon Developers Private Limited, a subsidiary of Runwal Developers Private Limited (Purchaser), for the sale of the Company’s land parcel at Lower Parel together with building thereon, for a consideration of ₹726 crores,” the company said in a stock exchange filing.
The company had announced in December 2023 that its board had given the nod to sell a land parcel in Mumbai to a subsidiary of real estate major Runwal Group.
Also Read: Emaar India to foray into Mumbai real estate market, launches villas in Alibag starting at ₹9 crore
Following this, the company in a regulatory filing on October 24, said that it has completed procedures and approvals as required for the sale and entered into definitive agreements for conveyance / assignment of lease with the purchaser for an aggregate consideration of Rs. 726 crore, pursuant to the approval of the Board of Directors for the same.
Also Read: Six landlords who control more than 10% of Mumbai’s land
According to reports, Runwal Group is planning to develop a luxury residential project on the land parcel having a revenue potential of around ₹8,000 crore.
Other projects in Lower Parel
Lower Parel is a premium locality in Mumbai. Several prominent real estate developers including Raheja, Lodha, Oberoi Realty, Indiabulls among several others have a presence in the micro market.
Also Read: Mumbai tops ultra luxury home sales in 2024, deals worth ₹2443 crore transacted across four cities
According to a report by ANAROCK, a real estate consultancy firm, a total of 25 ultra-luxury homes priced more than ₹40 crore were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first eight months of 2024 for a collective sales value of approximately ₹2,443 core.
Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth ₹2,200 crore – an 84% share of the total deals in this segment across the top cities.
Also Read: Mumbai’s luxury housing sales up by 8% in H1 2024; touch ₹12,300 crore: Report
In August this year, Runwal had announced that it had bought a four-acre land parcel at Kanjurmarg, in Mumbai’s north-eastern suburbs, for ₹232 crore. It had purchased the land from tile manufacturer NITCO.
