 "Nippon Life India acquires commercial spaces worth Rs 486 crore in Mumbai")
Nippon Life India Asset Management Limited acquired two premium commercial properties at One Lodha Place in Mumbai's Lower Parel locality for a combined value of Rs 486.03 crore, according to inspector general of registration (IGR) documents provided by Square Yards.
Lower Parel is a major commercial suburb of Mumbai known for its premium office spaces. One Lodha Place is a ready-to-move commercial project developed by Lodha Group (Macrotech Developers Limited) in Mumbai’s Lower Parel.
According to the IGR document, both transactions were registered on November 21, 2024, and an area of about 52,162 square feet (sq ft) was transacted.
The first acquisition is valued at Rs 245.18 crore and spans an area of 26,313 sq ft. The transaction incurred a stamp duty of Rs 14.70 crore. Meanwhile, the second acquisition is valued at Rs 240.85 crore and covers an area of around 25,849 sq ft. The second transaction incurred a stamp duty of Rs 14.45 crore.
Anand Moorthy, co-founder and chief business officer, capital market and services, Square Yards, said, “Mumbai, as India’s financial capital, continues to attract both domestic and multinational firms, particularly in the BFSI sector for self-use, reflecting its vital role in the country’s economic landscape.”
Moorthy is anticipating strong and sustained commercial demand in key localities of the city, particularly for Grade-A office spaces, since the vacancy in such buildings in Mumbai is negligible. “We are also witnessing more than a 40 per cent increase in market value for Grade-A spaces for the first time in a decade, highlighting Mumbai’s status as a global business powerhouse,” he added.