K Raheja to buy Mafatlal Group's 62.2 acre Navi Mumbai plot for Rs355 crore

Mumbai-based realty major K Raheja Corp has agreed to acquire 62.25 acres of land belonging to Mafatlal Group company Standard Industries in Ghanasoli in Navi Mumbai for Rs355 crore.

Standard Industries (erstwhile Standard Mills) will transfer and assign its leasehold rights to the leasehold property at Trans-Thane Creek Industrial Area in the villages of Ghansoli and Savali, the company said in a filing with the Bombay Stock Exchange.

Feat Properties, a subsidiary of K Raheja Corp, will be acquiring the land parcel, which has a total development potential of around 8 million sq ft.

The transfer, assignment and consideration is subject to various conditions precedent, including approval from MIDC getting satisfied, the notice said.

Standard Industries had transferred and assigned its leasehold rights to an adjoining 30-acre land parcel to an arm of Singapore-based CapitaLand in 2008.