Mumbai's Rishabraj Developers buys 3.8 acres in Borivali West for Rs 539 cr

Mumbai-based Rishabraj Developers has purchased four adjoining land parcels in Borivali West area for Rs 539 crore, according to property registration documents accessed by CRE Matrix.

 

The documents showed that the four adjoining land parcels, measure 3.83 acres and were previously lying vacant. The land parcels were registered under the developer’s name on March 30, 2025.

 

All those pieces and parcels of freehold land are situated at R.M. Bhattad Road, Borivali West, Mumbai. The seller is Mumbai Khadi & Village Industries Association.

 

A stamp duty of over Rs 32 crore and a registration fee of Rs 30,000 were paid for the transaction, as per documents accessed by CRE Matrix.

 

The documents showed that the developer has paid Rs 52 crore upfront to the seller, and the developer will make the balance payment of Rs 487 crore over four years.

 

The documents indicate that the developer intends to develop the four land parcels into residential and commercial spaces. 

 

The document stated that if the developer fails to make the payment, the seller will be entitled to receive residential flats totalling 2.2 lakh RERA sq ft, along with a 1,000 sq ft commercial shop or unit to be constructed on the four adjoining land parcels.