Mahindra & Mahindra (M&M) has sold over 20.5-acre land parcel in Akurli area of Mumbai’s western suburb Kandivali for Rs 210 crore to a Pune-based company Rucha Group’s real estate development entity Blueprintify Properties.
Interestingly, the company has sold the property for less than its ready reckoner value or over Rs 223.58 crore. The said land parcel falls under No Development Zone and is bounded by the Sanjay Gandhi National Park on the east and south side.
The Mahindra Group itself also has a real estate development company Mahindra Lifespace Developers.
The deal was finalized on July 23 and was registered the next day. The transaction has attracted stamp duty of over Rs 13.41 crore, showed the documents accessed through CRE Matrix.