Paint and coating manufacturer Kansai Nerolac Paints has said that it has finalised the sale of its land parcel along with the building located in Mumbai’s Lower Parel area for ₹ 726 crore to realtor Runwal Developers. "This is further to our letter dated 26th December 2023 informing that the Board of Directors of the company had approved a proposal for entering into an agreement for sale with Aethon Developers Private Limited, a subsidiary of Runwal Developers Private Limited (Purchaser), for the sale of the Company’s land parcel at Lower Parel together with building thereon, for a consideration of ₹ 726 crores," the company said in a stock exchange filing. The company had announced in December 2023 that its board had given the nod to sell a land parcel in Mumbai to a subsidiary of real estate major Runwal Group.
Also Read: Emaar India to foray into Mumbai real estate market, launches villas in Alibag starting at ₹ 9 crore Following this, the company in a regulatory filing on October 24, said that it has completed procedures and approvals as required for the sale and entered into definitive agreements for conveyance / assignment of lease with the purchaser for an aggregate consideration of Rs. 726 crore, pursuant to the approval of the Board of Directors for the same. Also Read: Six landlords who control more than 10% of Mumbai’s land According to reports, Runwal Group is planning to develop a luxury residential project on the land parcel having a revenue potenti.