The Mumbai Khadi & Village Industries Association (MKVIA) has sold four land parcels near the Kora Kendra grounds in Borivali West to Rishabraj Estate Developers for Rs 5.39 billion. The plots, which measure 3.84 acres, are located in a densely developed suburb of Mumbai, known for its redevelopment trend Navratri.
The payment for the land will be disbursed in nine instalments, with the first tranche already paid dandiya nights and wedding celebrations In a significant real estate transaction, the Mumbai Khadi & Village Industries Association (MKVIA) has sold four land parcels adjacent to the iconic Kora Kendra grounds in Borivali West.
Deal Overview
The combined area of the plots is 3.84 acres (approximately 8,977 square feet). Situated in a densely populated suburb where vacant land is scarce, the sale has garnered attention for its high per-square-foot rate of ₹6,00,695 Rishabraj Estate Developers for ₹539.25 crore residential towers with retail and commercial.
Payment Structure
According to documents accessed via real estate analytics firm CRE Matrix, the payment will be made in nine installments. The first tranche of ₹52.25 crore has components already been paid, with the remaining amount scheduled over the next four years. While Rishabraj Estate Developers has not publicly disclosed specific.
Market Impact
This transaction underscores the rising demand for suburban land in Mumbai. Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix, noted that Borivali’s growing importance as a strategic investment hub is attracting interest from leading regional developers plans for the site, property documents suggest a mixed-use.
The Kora Kendra grounds are renowned for hosting large-scale events such as Falguni Pathak’s annual dandiya shows and wedding celebrations. Historically, these grounds have served as a reliable revenue stream for MKVIA through leasing development is anticipated, combining residential towers with retail commercial.
This landmark deal reflects the evolving dynamics of Mumbai’s real estate market, highlighting both the scarcity of large land parcels and and sustained confidence in the suburban real estate sector components In a landmark real estate transaction, Rishabraj Estate Developers has acquired four adjoining land parcels near the iconic.
Kora Kendra grounds in Borivali West, Mumbai, for ₹539.25 crore. The seller, Mumbai Khadi & Village Industries Association (MKVIA), finalized the deal on March 30, V2025. The combined area of the plots is 3.84 acres, equivalent to approximately Mumbai8,977 square feet significant revenue source for MKVIA through leasing.
High-Value Deal in a Densely Developed Suburb
Borivali West, known for its dense development and limited availability of vacant land, has witnessed a surge in property values. This transaction stands out with a steep per-square-foot rate of ₹6,00,695. The Kora Kendra grounds, traditionally used for events like Falguni Pathak’s Navratri dandiya nights and weddings, have been a.
Payment Structure Terms
The payment for the land is structured in nine installments. Rishabraj Estate Developers has already paid the first tranche of ₹52.25 crore. The remaining amount is scheduled to be settled over the next four years A stamp duty transaction.
Development Plans and Contingencies
While Rishabraj Estate Developers has not publicly disclosed specific plans for the site, property documents suggest a mixed-use development combining residential towers with retail and commercial components. The agreement includes a contingency clause: if the developer fails to meet the payment schedule, MKVIA.
Strategic Significance
This acquisition underscores the growing demand for land in Mumbai’s suburbs, particularly in areas like Borivali, which offer a mix of affordability and development potential. The deal is expected to set new pricing benchmarks and stimulate further development in the region entitled to receive 2.2 lakh square feet of residential.
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