Lower Parel is a sought-after business district known for its high-end office spaces, strategic location near the international airport, the Eastern Express Highway, and the Bandra-Worli Sea Link, offering excellent connectivity across the city. One Lodha Place, developed by the Lodha Group (Macrotech Developers Ltd.), is a ready-to-move commercial project.

Anand Moorthy, Co-founder and CBO of Capital Market & Services, commented on the acquisition, saying, “Mumbai, as India’s financial capital, continues to attract both domestic and multinational firms, particularly in the BFSI sector. This acquisition highlights the ongoing trend of strong demand for Grade-A office spaces. While Bandra-Kurla Complex (BKC) remains a key commercial hub, areas like Lower Parel, Andheri, and the Malad-Goregaon corridor are also seeing increased interest from MNCs. We anticipate continued growth in demand for high-quality office spaces, driven by the minimal vacancy rate and a notable 40% increase in market value for Grade-A properties.”

The two transactions, registered in November 2024, involve a total transacted area of 4,846.01 square meters (around 52,162 square feet). The first property, valued at Rs. 245.18 crore, covers 2,444.56 square meters (~26,313 sq. ft.) and includes 44 car parking spaces, with a stamp duty of Rs. 14.70 crore. The second property, priced at Rs. 240.85 crore, spans 2,401.45 square meters (~25,849 sq. ft.) and includes 43 car parking spaces, with a stamp duty of Rs. 14.45 crore.

Nippon Life India Asset Management Ltd., one of the largest asset managers in India, brings over 25 years of experience in the domestic market and leverages the global expertise of its parent company, Nippon Life Insurance. As a leading player in the Indian asset management industry, NAM India, through Nippon India Mutual Fund, offers a range of financial products and services designed to meet the diverse needs of investors, underpinned by a strong commitment to innovation and excellence.

Also Read: Office Demand Surges with 47 Million Square Feet Leased in First Nine Months of 2024

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