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Real Estate | March 2012

Raheja Universal to sell a chunk of land in Navi Mumbai project

 Raheja Universal has put a 38 acre land parcel, which is part of its flagship project Raheja International Corporate City, including an information technology Special Economic Zone in Navi Mumbai, on the block. The project Raheja International Corporate City (RICC) was proposed to be spread over total 138 acres with three phases and a total developable space of around 36.27 mn sq ft.

The land parcel is located near Juinagar railway station and adjoining the NH4. Property market experts in Navi Mumbai expect the land parcel to fetch a higher price, given its proximity to the highway and major commercial development around it. In a recent land auction conducted by The City and Industrial Development Corporation of Maharashtra (CIDCO), six land parcels totaling 16.7 acres at Ghansoli in Navi Mumbai were sold for Rs 650 crore.Of the three phases, the developer has already started work at RICC-I and RICC-II, while construction has not started at the third phase.

Work on RICC, with total saleable area of 20.35 mn sq ft, started in 2009 and is scheduled to be completed in phases by 2018. 

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