Varun Singh
A big ticket deal took place in Dadar where a commercial unit was bought by Pharma giant Torrent Pharmaceuticals Ltd. This deal becomes important because, after a very long time a big office space has been bought by any big company.
Especially post COVID-19 and the Work From Home culture, many had predicted that the need of the office spaces in the future will shrink. However, this deals in a way indicates that the sector is back on feet.
The property in concern here is in the North Wing of the Ruby Building, located at Senapati Bapat Marg, Dadar.
The office space according to documents accessed by this newspaper is located on the 22nd floor of the building, according to plans passed by the MCGM, the office is on the 25th floor.
The area of the office space is 14,737 sq.ft. and along with the office, the new owners will also have access to 10 car parks in the building. Stamp duty of Rs 4.54 crore was paid for the registration.
The sellers are The Ruby Mills Ltd and Mindset Estate Pvt Ltd, as per the documents provided by Zapkey.com.
The documentation regarding the sale and purchase of this commercial office deal was registered with the department of registration on June 27.
A message and a detailed email sent to Torrent Pharmaceuticals got us no response.
Why is the realty deal important?
Post COVID-19 pandemic hit all of us, Commercial office spaces was the most hit aspect of Indian Realty Sector. The reason being many offices switched to the Work From Home culture and continued the same. Several reports from the industry experts had stated that the commercial realty will take quite some time to pick up. With this deal it is clear that the segment is slowly picking up.
Pankaj Kapoor, MD, Liases Foras, a real estate research firm said, “Due to the stress in commercial office sector, lucrative deals at discounted price are available.”
There’s another side too, the buyer is a Pharmaceutical company, and pharma was one sector that witnessed growth during the pandemic and many companies from this sector have been expanding too.
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