Rishabraj Developers Secures Prime Land in Mumbai's Borivali for Rs. 539 Crore

Mumbai-based Rishabraj Developers paid Rs. 539 crore for four adjacent 3.84-acre land lots in the Borivali West neighborhood.

The freehold land lots were purchased from Mumbai Khadi and Village Industries Association, a registered trust, according to the property registration paperwork.

The records revealed that on March 30, 2025, the developer registered the four adjacent land parcels that had previously been unoccupied.

They demonstrated that a registration fee of Rs. 30,000 and stamp duty exceeding Rs. 32 crore were paid for the transaction.

The developer plans to turn the four land parcels into residential and commercial spaces, according to the records. A reputable real estate company in the western suburbs of Mumbai, Rishabraj has experience carrying out a number of redevelopment projects.

According to the records, the developer has already paid the seller Rs. 52 crore, and the remaining Rs. 487 crore would be paid over the course of four years.

 “Our analysis points to Borivali's growing importance as a strategic investment hub, drawing interest from leading regional developers. The transaction is expected to spur local development, set new benchmarks for land pricing, and highlight both the scarcity of large land parcels and sustained confidence in the suburban real estate market,” said Abhishek Kiran Gupta, CEO and Co-Founder of CRE Matrix.

"Borivali has emerged as the king of suburbs after Andheri with sprawling high streets, great townships, biggest brands, and strong infrastructure. Housing prices and sales have risen, showcasing solid market appetite. Such consistent market trends encourage developers to bet bigger on Borivali,” said Gupta.