In a significant real estate transaction, the Mumbai Khadi & Village Industries Association (MKVIA) has sold four land parcels adjoining the iconic Kora Kendra grounds in Borivali West to Rishabraj Estate Developers for a total consideration of Rs 5.39 billion.

The cumulative area of the plots measures 3.84 acres—approximately 8,977 square feet. Situated in one of Mumbai’s most densely developed suburbs, where vacant land is scarce and redevelopment is the prevailing trend, the sale has made headlines for its steep per-square-foot rate of ?6,00,695.

MKVIA, a government body that promotes khadi and village industries, owns multiple real estate assets across Mumbai, in addition to its retail outlets. The Kora Kendra grounds are well known for hosting major events such as Navratri dandiya nights led by Falguni Pathak and elaborate wedding celebrations, and have historically served as a reliable revenue stream for the association through leasing.

As per documents sourced via real estate analytics firm CRE Matrix, the payment for the land will be disbursed in nine instalments. The first tranche of ?52.25 crore has already been paid, with the remaining amount scheduled to be settled over the next four years.