Borivali east

Runwal Borivali east Project Land deal.

22 September, 2017
  • 00 SqFt
  • Unfurnish
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2 bhk


​Mumbai: Runwal buys 8-acre Cable Corporation land for Rs 530 cr. The developer Runwal has bought an 8.3-acre land parcel at Borivali in the northwestern suburbs of the megapolis from Cable Corporation of India for around Rs 530 crore, according to sources.

Runwal Borivali east project will be a mixed-use development and total developable area will be around 1.5 million sq ft, say sources close to the development.

"This is an outright purchase of the land parcel fetching over Rs 63 crore per acre to Cable Corporation," sources said.

The land parcel for Runwal Borivali east is part of Cable Corporation's 22- acres in Borivali where in began its diversification into realty in the early part of this decade.

Both Cable Corporation and Runwal Borivali east project were not available for comment.

It can be noted that in 2010, Cable Corporation ventured into the real estate sector through new venture called CCI Projects and launched its maiden project at Borivali East, opposite the Sanjay Gandhi National Park, the key green cover of the megapolis.

Spread over 22 acres, the project already has two residential projects offering premium flats and penthouses. According to an industry expert, Runwal Borivali east project land deal will 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.

In the backdrop of increasing preference for forming alliances and undertaking joint developments of land holdings, this will be one of the few instances of an outright purchase.