Luxury real estate brand Runwal Group is based in Mumbai and has recently acquired a plot of land in the city in a big ticket deal. The Runwal Group will be purchasing more than 2.7 acres in a land parcel owned by RMI (Rashtriya Metal Industries) for a whopping Rs. 180 crore which is the consideration amount. This land parcel is situated strategically at Andheri in Mumbai which is one of the city’s most vibrant residential, commercial and retail destinations.
The Runwal Group has reportedly inked the MoU (memorandum of understanding) with Rashtriya Metal Industries (RMI) for purchasing this land parcel where the RMI factory and office are both situated. The deal will be fully concluded within the next 2-3 months according to reports. The Runwal Group is thinking of developing a mixed-use project on this land parcel although it currently has a significant presence in market segments like commercial property, luxury residential property and townships.
This land deal could be the largest transaction for the 2019 fiscal as per reports in terms of the price. This clearly indicates the revival of the Indian real estate market after GST and RERA were introduced. Several big ticket deals have previously taken place in Mumbai. The Kanakia Group, another major realty player based in Mumbai, has already inked its agreement with India Tube Mills. The Group will purchase the latter’s plot of 7 acres at Vikhroli in the suburban zone for a whopping Rs. 363 crore. On the other hand, Kalpataru was the highest bidder for the land parcel of 8 acres in Thane that was owned by Mondelez India. The company offered more than Rs. 280 crore for this prime plot.
Real estate developers are now focusing more on Thane and other areas such as Andheri which fall on Mumbai’s western corridor since the eastern suburbs and Mumbai city locations are relatively more saturated in terms of housing potential.