New Delhi: Raymond Group company JK lnvesto Trade (India) Limited (JKIT) has sold a land parcel it owns in Thane in Maharashtra to Virtuous Retail South Asia Group for Rs 700 crore, Raymond Ltd said in a statement.
The land measures about 20 acres or about 78,310 sq. meters and is located close to ‘Raymond Realty’ project of Raymonf Group. The deal has been signed between JKIT and Elpis Ventures Pvt Ltd which is an affiliate of Virtuous Retail South Asia Pte Ltd.
Virtuous Retail South Asia is a developer of shopping malls. In a separate statement, it said it has acquired the land parcel for USD 100 million and will invest an additional USD 240 million to develop the site. It will construct a 3.7 million sq ft mixed-use city centre and will have a 2.4 million sq ft VR Retail Mall inside it.
“The sale of JKIT land parcel is a major step towards our strategy of asset monetization and value creation for our shareholders. This landmark deal would give the much required impetus to Thane’s real estate development in terms of residential, retail and commercial space,” said Gautam Hari Singhania, Chairman and MD, Raymond Ltd.
“Prime land parcels of this size seldomly trade, especially in major metropolitan markets like Mumbai,” said Sid Yog, Founder and Chairman of the Board, Virtuous Retail South Asia.