Runwal Group acquired Nerolac Paints' Mumbai land tract for ₹726 crore.
By Bricksnwall | 2024-10-26
In December 2023, Kansai Nerolac Paints stated that
its board has approved the sale of a land piece in Mumbai to a subsidiary of
the Runwal Group.
Kansai Nerolac Paints sold a land parcel and
building in Mumbai's Lower Parel neighbourhood for ₹726 crore to realtor Runwal
Developers..
"This is in response to our letter dated
December 26, 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 in Lower Parel together
with the building thereon,, for a consideration, The company stated in a stock
exchange statement that the consideration is ₹726 crores.
In December 2023, the firm stated that its board
has approved the sale of a land tract in Mumbai to a subsidiary of real estate
major Runwal Group.
Following this, the company stated in a regulatory filing on October 24 that it has completed the necessary procedures and approvals for the sale and has entered into definitive agreements for conveyance / assignment of lease with the purchaser for an aggregate consideration of Rs. 726 crore, with the approval of the Board of Directors.
According to estimates, Runwal Group plans to create a premium residential project on the land lot with a revenue potential of over ₹8,000 crore.
Other projects in lower Parel Lower Parel is a prestigious neighbourhood in Mumbai. Several renowned real estate developers, including Raheja, Lodha, Oberoi Realty, and Indiabulls, operate in the micro market.
ANAROCK, a real estate advisory firm, reported that 25 ultra-luxury properties valued over ₹40 crore were sold in Mumbai, Hyderabad, Gurugram, and Bengaluru in the first eight months of 2024, totalling around ₹2,443 core.
In 2024, Mumbai sold 21 ultra-luxury residences
worth ₹2,200 crore, accounting for 84% of the total deals in this sector.
In August, Runwal purchased a four-acre land parcel in Kanjurmarg, Mumbai's north-eastern suburbs, for ₹232 crore. It had bought the land from tile maker NITCO.
Source: Hindustan Times
