Runwal Group completes acquisition of Nerolac Paints’ land parcel in Mumbai for ₹726 crore


Paint and coating manufacturer Kansai Nerolac Paints has said that it has finalised the sale of its land parcel along with the building located in Mumbai’s Lower Parel area for 726 crore to realtor Runwal Developers.

Paint and coating manufacturer Kansai Nerolac Paints has said that it has finalised the sale of its land parcel in Mumbai. (Picture for representational purposes only)(Pixabay)

“This is further to our letter dated 26th December 2023 informing that the Board of Directors of the company had approved a proposal for entering into an agreement for sale with Aethon Developers Private Limited, a subsidiary of Runwal Developers Private Limited (Purchaser), for the sale of the Company’s land parcel at Lower Parel together with building thereon, for a consideration of 726 crores,” the company said in a stock exchange filing.

The company had announced in December 2023 that its board had given the nod to sell a land parcel in Mumbai to a subsidiary of real estate major Runwal Group.

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Following this, the company in a regulatory filing on October 24, said that it has completed procedures and approvals as required for the sale and entered into definitive agreements for conveyance / assignment of lease with the purchaser for an aggregate consideration of Rs. 726 crore, pursuant to the approval of the Board of Directors for the same.

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According to reports, Runwal Group is planning to develop a luxury residential project on the land parcel having a revenue potential of around 8,000 crore.

Other projects in Lower Parel

Lower Parel is a premium locality in Mumbai. Several prominent real estate developers including Raheja, Lodha, Oberoi Realty, Indiabulls among several others have a presence in the micro market.

Also Read: Mumbai tops ultra luxury home sales in 2024, deals worth 2443 crore transacted across four cities

According to a report by ANAROCK, a real estate consultancy firm, a total of 25 ultra-luxury homes priced more than 40 crore were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first eight months of 2024 for a collective sales value of approximately 2,443 core.

Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth 2,200 crore – an 84% share of the total deals in this segment across the top cities.

Also Read: Mumbai’s luxury housing sales up by 8% in H1 2024; touch 12,300 crore: Report

In August this year, Runwal had announced that it had bought a four-acre land parcel at Kanjurmarg, in Mumbai’s north-eastern suburbs, for 232 crore. It had purchased the land from tile manufacturer NITCO.



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