Mahindra & Mahindra (M&M) has sold a 20.5-acre land parcel in the Akurli area of Kandivali, a western suburb of Mumbai, for Rs 210 crore to Blueprintify Properties, the real estate arm of Pune-based Rucha Group. The sale price is notably below the ready reckoner value, which is over Rs 223.58 crore.
The land, classified as a No Development Zone, is adjacent to the Sanjay Gandhi National Park on its east and south sides. Despite M&M’s real estate arm, Mahindra Lifespace Developers, being active in the area, the company considered this plot non-strategic.
The transaction, finalized on July 23 and registered the next day, incurred a stamp duty of over Rs 13.41 crore, according to documents from CRE Matrix. In Maharashtra, stamp duty is calculated based on the higher value between the transaction price and the government-set ready reckoner rate. When property is sold for less than this rate, stamp duty is based on the ready reckoner value.
M&M confirmed the sale was conducted in compliance with applicable stamp duty valuation guidelines.
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