K. Raheja Group buys plot for Rs. 7 cr per acre

K. Raheja Group

K Raheja Corp, one of the largest developers of business parks in the country under the brand ‘Mindspace’, has bought 30 acres in the Ghansoli area of Navi Mumbai for Rs 210 crore or Rs 7 crore an acre, from US-based speciality chemicals company Cabot Corporation, according to sources.

The 30-acre plot that earlier housed a plant of Cabot will be used by the Raheja Group to build an infotech park. The plot has a total develop able space of four million sq ft and floor space index (FSI) of three million sq ft.

According to industry experts, this is one of the biggest land deals in the MMR and a good transaction for K. Raheja Corp as they already have a major presence in Navi Mumbai with Mindspace properties in Airoli and Juinagar.