MUMBAI: RSVM Hospitality has acquired over 18.6 acres of land in Thane for over Rs 498 crore from entities of the Neterwala Group, marking a sizable land transaction in the Mumbai Metropolitan Region.
The land parcels, located at Majiwada in Thane district, were acquired through two separate registered transactions on February 20.
In the first transaction, Chemicals and Ferro Alloys Pvt Ltd sold an 8.1-acre plot to RSVM Hospitality for Rs 239.9 crore. The second transaction involved the purchase of 10.1 acre of land from Uni Abex Alloy Products Ltd, a listed company, for Rs 257.8 crore, according to property registration documents accessed through Propstack.
Both sellers are part of the Neterwala Group. Chemicals and Ferro Alloys Pvt Ltd, a private entity within the group, is also a shareholder in Uni Abex Alloy Products and held about a 21.85% stake in the listed company,
ET’s email queries to both, the buyer and sellers, remained unanswered until press time.
Thane has emerged as one of the most active real estate markets in the Mumbai Metropolitan Region, driven by improving connectivity, infrastructure upgrades and rising residential demand. Localities such as Majiwade have seen heightened developer interest owing to their proximity to key arterial roads and established residential micro-markets.
Large land transactions have been gaining momentum across the Mumbai Metropolitan Region as developers and investors look to secure sizable parcels for future projects amid limited land availability in Mumbai.
Peripheral markets such as Thane have increasingly attracted interest due to relatively larger contiguous land parcels, improving infrastructure and strong end-user demand.
According to industry experts, such acquisitions typically precede residential or mixed-use developments, as developers build land banks to capitalise on the region’s sustained housing demand and connectivity upgrades.
