Mapletree buys 7 Acre Land in Mumbai

In one of the biggest land deals in the country this year, Mapletree Investments of Singapore has bought a 7-acre land parcel in the Vikhroli area of Mumbai for ~525 crore. Mapletree is planning to build a commercial project on the plot and the area would have around 2.2 million square feet of leasable space. The Kanakia group, from which Mapletree did the purchase, had bought the plot from India Tube Mills and Metal (ITM) Industries for ~363 crore in 2018. The price paid by Mapletree is fair, given that land prices in Vikhroli hover in the region ~50-55 crore an acre. Mapletree has been active in buying real estate assets. In 2018, it bought SP Infocity in Chennai from the Canada Pension Plan Investment Board and Shapoorji Pallonji’s private equity arm for ~2,400 crore. It also owns Global