Mumbai: The Mumbai Khadi & Village Industries Association (MKVIA) finalized a high-profile real estate deal, selling four prime land parcels near the well-known Kora Kendra grounds in Borivali West for a staggering Rs 539.25 crore.
According to a Hindustan Times report, the buyer, Rishabraj Estate Developers, acquired approximately 3.84 acres of land, equivalent to 8,977 square feet, in one of Mumbai’s most densely developed suburbs, where open plots are scarce and redevelopment dominates the landscape.
The per square foot rate in this deal stands at an eye-catching Rs 6,00,695, drawing attention from the real estate industry and investors alike. The transaction is huge not just because of its value, but also due to the location, Kora Kendra is a cultural hotspot, famously hosting large events like Falguni Pathak’s dandiya nights and high-profile weddings.
Satellite view of area near Kora Kendra grounds in Borivali | Google maps
The grounds, owned by MKVIA, have long served as a source of rental income for the government-backed association, which is tasked with promoting khadi and village industries across the state.
According to the report, documents accessed through real estate analytics firm CRE Matrix reveal that the payment will be made in nine tranches, with the first installment of Rs 52.25 crore already disbursed. The remaining amount is scheduled to be paid over a four-year period. The association began the monetisation process in April 2024 by inviting bids for the four plots. The sale was officially registered on March 30, 2025, just days before the revised ready reckoner rates came into force. A stamp duty of Rs 32.55 crore was paid as part of the registration process.
Project Likely To Be Mixed-Use Development
Although H Rishabraj Group’s founder and managing director, Harrish Kumar Jain, hasn’t yet commented publicly on the deal or revealed future plans, the property registration documents hint at a large-scale mixed-use development. The project is expected to integrate residential towers with commercial and retail spaces, marking a strategic shift for the developer, which has previously focused on smaller redevelopment projects in the city.
The sale not only marks MKVIA’s biggest land monetisation move in recent times but also signals Rishabraj Group’s most ambitious venture to date. It reflects a growing trend where large land parcels in Mumbai are being repurposed for high-value developments, given the city’s limited space and high demand. As plans take shape, this deal is poised to reshape the Borivali West skyline and further push up the area’s real estate value.
