Realty developer Runwal Realty has acquired Kansai Nerolac Paints’ four-acre land parcel in Worli locality of Mumbai. The deal is worth Rs 726 crore. The move aligns with the vision of delivering upscale living experiences.

Runwal Realty plans to develop a luxury residential project on the plot that has development potential of one million sq. ft. and the project is estimated to hold development potential of Rs 8,000 crore. While both the companies had entered into an agreement for this land deal, the transaction has been concluded and registered.

Last month, Kansai Nerolac Paints had announced that it has entered into a Deed of Conveyance for the reversionary rights of the land parcel at Lower Parel in Mumbai from Bombay Zoroastrian Jashan Committee, the lessor of part of the land parcel, for a consideration of Rs 48 crore.

The acquisition strengthens its footprint in South Mumbai and luxury segment, with its recent developments, Runwal The Residence at Nepean Sea Road and Runwal The Reserve in Worli in the region.