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K Raheja Corp acquires 1.5 acre land in Sion

Friday, 30 Sep 2022
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K Raheja Corp has acquired an over 1.5 acre of land parcel in Sion locality from a public charitable trust K J Somaiya Trust for a consideration over Rs 120 crore. 
 
Moreover, an additional 0.4 acre land parcel adjoining this plot will also be acquired by the developer through a separate transaction later. 
 
With the second tranche of the deal, K Raheja Corp will own nearly two acre of land at the site. The developer has acquired the land parcel through one of its affiliated companies Feat Properties. 
 
The land parcel is part of a larger plot measuring 11.5 acre, which was part of Wadia Mahal property. 
 
In February 2022, the trust had invited bids to sell freehold land measuring 1.90 acre, which is part of a larger plot in Sion. Following this, a total of four entities including K Raheja Corp had shown interest in acquiring the plot by submitting their bids. 
 
K Raheja Corp and the trust entered into a memorandum of understanding (MOU) on 10 March 2022 after which the permission from the Charity Commissioner was secured in April 2022.
 
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