Plots surrounding Borivali’s Kora Kendra sold for ₹539.25 crore | Mumbai news

Mumbai: The Mumbai Khadi & Village Industries Association (MKVIA) has sold four land parcels adjoining the popular Kora Kendra grounds in Borivali West for ₹539.25 crore to Rishabraj Estate Developers.

The total plot size measures 3.84 acres, or approximately 8,977 square feet. Located in a densely developed suburb where unoccupied land is a rarity and redevelopment dominates the construction landscape, the deal has drawn attention for its steep per square foot rate — ₹6,00,695.

MKVIA, a government entity promoting khadi and village industries, owns several land assets across Mumbai in addition to its retail showrooms. The Kora Kendra grounds, renowned for hosting large-scale events such as Falguni Pathak’s annual dandiya shows and wedding celebrations, have long been leased out by the association as a revenue-generating venture.

According to documents accessed via CRE Matrix, a real estate analytics firm, the payment will be made in nine tranches. The first instalment of ₹52.25 crore has already been paid, with the remaining amount scheduled over the next four years.

The monetisation plan was initiated in April 2024, when the association invited bids for the four plots. The transaction was formally registered on March 30, 2025 — just days before the revised ready reckoner rates came into effect. The registration involved a stamp duty payment of ₹32.55 crore.

While H Rishabraj Group’s founder and managing director, Harrish Kumar Jain, declined to comment on either the acquisition or future plans, property documents suggest a mixed-use development is on the cards — combining residential towers with retail and commercial components. The deal marks the group’s most ambitious project to date, moving beyond its traditional focus on standalone building redevelopments.