The city-based Runwal group bought 8-acre land from Cable Corporation in Borivali a northwestern suburb of the megapolis for approximately Rs. 530 crores the sources said.
The Runwal group plans mixed-use development on this land parcel and the total developable area is nearly 1.5 million sq ft, the sources informed.
The outright purchase of the land parcel is over Rs. 63 crores per acre to Cable Corporation, sources said.
The acquired land is a part of Cable Corporation’s 22- acres in Borivali where diversification has begun sometime back.
The Cable Corporation stepped into the real estate via new venture named CCI Projects in 2010 and launched its first-ever property project in Borivali East, opposite the Sanjay Gandhi National Park, that is said to be the key green cover of the megapolis.
This project covers 22 acres of land and already has two premium residential projects that comprise of luxurious flats and penthouses. A real expert said that this is going to be the largest deal in this area for commercial development after Oberoi Realty bought a 25-acre of land parcel from Tata Steel for Rs 1,155 crore in 2014, which fetched nearly Rs 46 crore per acre.