Kansai Nerolac Sells Mumbai Land for Rs 726 Cr to Runwal

New Delhi, Dec 27 (PTI) Kansai Nerolac Paints has agreed to sell its land parcel, along with building, at Lower Parel in Mumbai for Rs 726 crore to Runwal Developers.

Kansai Nerolac Paints has said that its board has approved a proposal for "entering into an Agreement for Sale with Aethon Developers Pvt Ltd, subsidiary of Runwal Developers Pvt Ltd, for the sale of the company's land parcel at Lower Parel together with building thereon, for a consideration of Rs 726 crore."

Accordingly, the company has entered into an Agreement for Sale with the buyer.

The sale is subject to completion of procedures and approvals as may be necessary in this regard, the company said on Tuesday.

Real estate developers are buying land parcels outright and also entering into joint development agreements (JDAs) with landowners to expand their business amid a rise in housing demand.