Mahindra & Mahindra sells 20.5-acre land in Mumbai’s Kandivali to Blueprintify Properties for Rs 210 crore, despite the land’s current NDZ status.
In a significant real estate transaction, Mahindra & Mahindra has successfully disposed of a substantial 20.5-acre land parcel strategically located in Mumbai’s Kandivali area. The land, acquired by Blueprintify Properties Pvt Ltd, a subsidiary of Pune-based Rucha Group, was transacted for a total consideration of Rs 210 crore. The deal was finalized on July 24, 2024.
It’s noteworthy that the land in question is situated adjacent to the Sanjay Gandhi National Park and is currently designated as a No Development Zone (NDZ) under the Development Plan (DP) 2034. This implies certain restrictions on development activities for the foreseeable future.
Despite these limitations, the transaction underscores the enduring appeal and value associated with land ownership in Mumbai’s real estate market. The acquisition by Blueprintify Properties suggests potential long-term investment plans, possibly anticipating future changes in land use regulations or exploring alternative development opportunities within the existing framework.
This deal marks a substantial land transaction in Mumbai, further emphasizing the city’s prime real estate as a lucrative investment avenue for both established corporations and real estate developers. As the city continues to evolve, the dynamics of land use and development are likely to shape the future landscape of Mumbai’s skyline.
