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Puravankara Chairman Acquires Office space in Andheri, Mumbai, for Rs 242 Crore

puravankara chairman acquires office space

Mumbai’s commercial real estate market has witnessed a significant transaction, with Ravi Puravankara, founder and chairman of Puravankara Ltd, acquiring over 104,000 sq ft of office space in Andheri for Rs 242.1 crore. According to documents obtained through CRE Matrix, the purchase was made from Rockfort Estate Developers, an HLV Group promoter company. With the acquisition, Puravankara now has exclusive use of over 135 parking spaces in the business complex.

The agreement, which was finalized on Wednesday, includes twelve commercial apartments located on the 7th, 8th, and 9th floors of Business Park 2, a prestigious business complex in Marol, Andheri. The stamp duty of about Rs 14.5 crore, paid to complete the registration, demonstrates the size of this investment.

Puravankara, who previously focused on South Indian real estate markets like Bengaluru and Chennai, is making a calculated move with this acquisition. Nonetheless, the business has been aggressively growing its footprint in Mumbai’s real estate market in recent years by making well-thought-out investments in residential and commercial real estate.

Though the exact purpose of the recently gained space is yet unknown, there are several conjectures regarding its possible usage. Given that the agreement was concluded in Ravi Puravankara’s personal capacity, it is unclear if the space will be leased to high-end tenants, converted into a larger corporate office, or utilized to launch a new company segment.

The deal highlights the increasing trust that investors have in Mumbai’s commercial real estate market. High-net-worth individuals seeking to diversify their investment portfolios continue to be drawn to the city due to its steady rental yields and optimistic economic outlook.

Bollywood stars and sports figures, as well as developers and industrialists, have been actively purchasing commercial buildings in Mumbai, utilizing them as profitable investment opportunities. The trend reflects the general belief that real estate is still one of the safest and most lucrative asset classes for preserving and increasing wealth.

Ravi Puravankara’s most recent acquisition further strengthens Mumbai’s need for upscale office space. Industry insiders predict additional high-value deals in the upcoming months as the city’s commercial real estate sector continues to flourish, solidifying Mumbai’s position as one of India’s most vibrant real estate marketplaces.

Recent Transactions

A rise in high-value office space transactions in Mumbai’s commercial real estate market is indicative of strong investor confidence. Developers, investors, and high-net-worth individuals have made significant purchases in recent years. Steady rental profits and strategic expansion have driven this growth.

In a recent transaction, Tata Investment Corporation acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly Rs 150 crore. In another transaction, HDFC Bank secured 4.50 lakh sq ft of space at an annual rental cost of more than Rs1,020 crore in Mumbai’s Andheri. 

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Landmark Developers & Sobha Ltd Acquires 2.11 Acre Land Worth ₹423 Crore in Parel, Mumbai

Landmark Developers & Sobha Ltd Acquires 2.11 Acre Land

In a major real estate transaction, Landmark Developers and Sobha Ltd. have acquired a 2.11-acre land parcel on Jerbai Wadia Road for ₹423.38 crore, according to property registration documents accessed by CRE Matrix. The deal was registered on January 23, 2025, paving the way for new luxury residential and commercial spaces.

The total agreement value for the land acquisition was ₹212.06 crore, along with a stamp duty payment of ₹10.60 crore. The sale was a partnership, with each developer receiving a share of the project’s free-sale component. Sobha Ltd. secured a larger portion of the free-sale component, 21,621.24 sq. mtr for ₹211.32 crore, while Landmark Developers acquired 10,953 sq. mtr for ₹212.05 crore. 

Landmark Developers and Sobha Ltd.’s Parel land acquisition is expected to significantly contribute to the area’s high-end real estate landscape, potentially delivering luxury housing, retail spaces, and commercial offices. Their collaboration highlights the dynamic changes shaping Mumbai’s Central Business District.

This Parel land deal, according to industry experts, points to strong developer interest in prime Mumbai sites, especially for large redevelopment projects aimed at optimizing land use in the city.

Recent land transactions in Mumbai 

Mumbai’s real estate market is experiencing exponential growth in land transactions, driven by several key factors. Firstly, the city’s limited land availability and high demand for housing and commercial spaces make redevelopment projects crucial. Developers are increasingly focusing on these projects to maximize space utilization and cater to the growing population. Additionally, the ongoing infrastructure development in the city, including new transportation networks and commercial hubs, is further adding to the demand for land in strategic locations.

In a recent land transaction, K Raheja Corp shelled out Rs 466 crore for 5.7 acres in Mumbai’s Kandivali.  In another transaction, Equinix India bought 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore. 

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Kalpataru Secures 7.5-Acre Redevelopment Projects in Mumbai Worth Rs 2,000 Crore Revenue

Kalpataru Secures 7.5-Acre Redevelopment Projects in Mumbai

Kalpataru, a prominent real estate developer, has signed contracts for two sizable housing society projects in Chembur and Goregaon in Mumbai. With a combined development area of more than 1.5 million square feet, these projects have a potential revenue of more than ₹2,000 crore. It is anticipated that the projects will be finished 42 months after construction begins.

Kalpataru has signed individual agreements and obtained approvals from current members for the redevelopment of two important housing societies: The five-acre Suman Nagar Housing Society in Chembur will replace ten existing residential buildings with six contemporary towers, providing about 350 new flats and a saleable carpet area share of more than 4.20 lakh sq ft. 

Located close to Link Road and the Bangur Nagar Metro station, the 2.5-acre Goregaon Housing Society consists of the conversion of eight residential structures into three towers with 18 habitable stories. With a saleable carpet area of over 2 lakh square feet, the project can house 200 units. According to documents accessed by CRE Matrix, Kalpataru has already paid roughly ₹27.60 crore in stamp duty to register these agreements.

Since its founding in 1988, Kalpataru has established a solid reputation in Mumbai’s redevelopment industry. The company has completed eight projects in desirable neighborhoods like Byculla, Sion, Bandra, Juhu, Andheri, and Santacruz. The company now oversees four rehabilitation projects in Santacruz, Bandra, and Matunga, and three more are planned for Juhu, Borivali, and Andheri.

The renovation of old housing societies is an important aspect of Mumbai’s real estate market because of the city’s land limits. The Maharashtra government has actively supported such initiatives by introducing policies to ease the financial burden on residents. In 2023, the state government decided that members of housing societies getting redeveloped would only have to pay a small stamp duty of Rs 100 for the permanent housing they were given, while the conveyance laws would charge the principal agreement between the developer and society.

Recent Transactions

Kalpataru’s latest redevelopment ventures in Chembur and Goregaon mark another milestone in Mumbai’s real estate sector. As redevelopment continues to be a driving force in Mumbai’s property market, projects like these pave the way for a more modern and sustainable urban landscape.

In a recent transaction, Kanakia Spaces Realty Pvt Ltd acquired development rights for two old buildings in Borivali, Mumbai, worth ₹208.53 crore.
 
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HDFC Bank Signs Rs 1,020-Cr Lease Agreement for 4.5 Lakh Sq Ft Office Space in Mumbai’s Andheri

HDFC Bank Signs Rs 1,020-Cr Lease Agreement for 4.5 Lakh Sq Ft Office Space

A significant commercial lease has been signed by HDFC Bank in Mumbai’s Andheri. The bank has secured 4.50 lakh sq ft of space at an annual rental cost of more than ₹1,020 crore, according to documents accessed by CRE Matrix. 

Documents reveal that HDFC Bank has signed a 10-year lease for a carpet area of nearly 2.73 lakh sq ft within R Square, a commercial building constructed by Histyle Retail Pvt Ltd, a subsidiary of Runwal Realty. This significant lease agreement highlights HDFC Bank’s commitment to expanding its presence in Andheri, Mumbai.

The leasing of the commercial space has been executed through a series of three separate agreements. These agreements cover selected units located on the ground floor, as well as the first through sixth floors of the building. The monthly rental payment for the leased space is ₹6.45 crore, translating to an annual rent exceeding ₹1,020 crore. The lease agreement includes a provision for a 15% rent escalation at the end of every 36 months. 

The licensee was permitted to commence operations on January 21, 2025, with the agreement subsequently being registered on January 27, 2025. The commercial space features 227 parking spaces. A significant security deposit of ₹116 crore was paid by HDFC Bank as part of the leasing agreement.

Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com commented, “Andheri is a growing office market of Mumbai in terms of annual leasing activity, new housing developments, metro, airport, and highway connectivity, hospitality, and everything in between.”

Recent Transactions in Mumbai

In a recent transaction, Tata Investment Corp acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly ₹150 crore. In another transaction last year, Nielsen Media India Private Limited and its subsidiary leased 1.52 lakh square feet of office space in Mumbai’s Goregaon.

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Tata Investment Corp Purchases Office Space in Wadala, Mumbai, for ₹150 Crore

Tata Investment Corp Purchases Office Space in Wadala

Tata Investment Corporation, Tata Group’s non-banking financial company has acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly ₹150 crore, according to documents accessed by CRE Matrix. 

The Agreement for Assignment cum Sale indicates that NCP Commercial Pvt Ltd has transferred ownership of the two office spaces situated in the Lodha Excelus building in the Wadala region of Mumbai.

The first office space, situated on the seventeenth floor of Lodha Excelus, encompasses an area of 21,441 square feet and was acquired for a sum of ₹74.24 crore. It includes a provision for twenty-eight car parking spaces. The second office space, a substantial 21,302 square feet, occupies the entire 22nd floor of the prestigious Lodha Excelus building. This acquisition, valued at ₹73.75 crore, also includes a generous allocation of 35 car parking spaces.

The documentation reveals that the transaction was officially recorded on January 10th, requiring the payment of a stamp duty amounting to ₹8.88 crore. The property in question is equipped with 63 designated car parking spaces.

Tata Investment’s purchase of office space in Wadala highlights the area’s growing importance. Wadala boasts excellent connectivity. It enjoys proximity to Bandra Kurla Complex (BKC), India’s most expensive commercial hub, and South Mumbai. Furthermore, strong highway links facilitate easy travel to both western and eastern suburbs. Access to Atal Setu provides convenient connectivity towards Ulwe, Panvel, Navi Mumbai, and beyond.

Recent Office Transactions in Mumbai 

The continuous growth of businesses in Mumbai, India’s premier commercial hub, has created a demand for high-quality office spaces. This dynamic market attracts a diverse range of businesses, from multinational corporations to innovative startups, all seeking strategic locations to establish and expand their operations.

In a transaction last year, Nielsen Media and its subsidiary leased 1.52 lakh sq ft of office space in Mumbai for ₹3.87 Crore per month for 10 years. In another transaction, a subsidiary of Redbrick Offices acquired 22 office units for Rs 267.5 Crore in Mumbai. 


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K Raheja Corp Shells Out Rs 466 Crore for 5.7 Acres in Mumbai’s Kandivali

K Raheja Corp Shells Out Rs 466 Crore for 5.7 Acres in Mumbai's Kandivali

Realty developer K Raheja Corp has entered into an agreement to acquire a 5.75-acre parcel of land, including existing structures, in the eastern district of Kandivali, Mumbai, for a consideration of approximately ₹466 crore, according to documents accessed by CRE Matrix. 

A subsidiary of the company, K Raheja Corp Real Estate, entered into an agreement with Global e-Service, the successor entity to The New Vinod Silk Mills, to purchase the land parcel and the building known as Vinod House.

The documents state that the entire time needed to finish the transaction will impact the consideration value. For instance, the entire consideration value will be ₹422 crore if the transaction is finalized between November 2025 and January 2026. However, the consideration value will increase to ₹466 crore, if the transaction is completed by the maximum date of December 2029.

The developer paid a stamp duty of ₹31.74 crore to register the land acquisition agreement signed on December 22nd. K Raheja Corp Real Estate plans to develop a luxury residential project on the acquired plot and is seeking necessary approvals from Mumbai’s civic authorities. 

K Raheja Corp has made an initial payment of ₹210 crore to Global e-Service. The remaining payment will be made upon receiving approval from the civic authority. The agreement stipulates a five-year timeframe for the developer to obtain the necessary permissions.

This acquisition marks the fourth property purchase by K Raheja Corp in recent months. Last month, the developer acquired two prominent properties: Bayside Mall, an early entrant in India’s shopping mall scene, and Popular Press Building, spanning over half an acre in South Mumbai’s Tardeo area, for a combined transaction value exceeding ₹ 355 crore.

Recent Land Transactions in Mumbai 

The Mumbai real estate market is witnessing a surge in land transactions, because of robust demand for luxury residences. Realty developers are picking up land parcels through outright purchases, entering into joint development agreements, and undertaking housing society redevelopment projects to capitalize on the growing appetite for luxury properties at prime locations.

This aggressive land-grabbing reflects the city’s enduring allure and the escalating desire for high-end living spaces in prime locations.

In a recent transaction, Equinix India bought 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore. In another transaction, Mahindra and Mahindra Ltd Sold 20.5 Acres of land in the Kandivali Area for Rs.210 Crore. 

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K Raheja Corp Acquires Two Mumbai Properties for ₹355 Cr

K Raheja Buy 2 Properties

K Raheja Corp’s real estate investment arm, Ivory Property Trust, has significantly expanded its Mumbai portfolio by acquiring two prime properties in the upscale Tardeo area: the prestigious Bayside Mall and the historic Popular Press Building, for a total of ₹355 crore from AAA Holding Trust, according to documents accessed by CRE Matrix.

The Bayside Mall and Popular Press Building, spanning 1216.29 sq m and 1070.24 sq m respectively, were acquired by Ivory Property Trust for a stamp duty of ₹21.30 crore.

Bayside Mall, a three-story structure built on a one-third acre plot, has a total built-up area of 17,345 sq ft. The mall, which originally had 105 units, now comprises 75 units following the consolidation of certain units.

The Popular Press Building, a two-story structure situated adjacent to Bayside Mall on a plot of land exceeding a quarter-acre, was also part of the acquisition. The buyer made an initial payment of Rs 120 crore at the time of deal registration.

Ivory Property Trust fulfilled its payment obligations by paying the second tranche of Rs 120 crore to AAA Holding Trust on August 22. The final tranche of Rs 115 crore was scheduled to be paid by the deal’s closing date of November 20.

Recent Transactions in Mumbai

Mumbai is more than just India’s financial capital. It’s a real estate powerhouse, buzzing with opportunities. With sky-high demand, a booming economy, and a diverse range of properties, Mumbai’s real estate market is a dream come true for investors and homebuyers alike.

In a recent transaction, Equinix India purchased 5,597 square meters of land in Mumbai’s Chandivali for ₹155 crore. In another transaction, Property Ventures (India) Pvt Ltd recently sold an IT Park located in Mumbai’s Malad area for a substantial sum of ₹335 crore. 


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Equinix India buys 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore

Equinix buys land in Mumbai

Equinix India Pvt Ltd, a US-based data center company, paid ₹155 crore for 5,597 sq m (1.38 acres) of land in the Chandivali neighborhood of Mumbai, according to property registration records accessed by CRE Matrix. According to the records, a building with a total built-up area of 5,386 square meters was purchased along with the land parcel.

The property is being sold by Overseas Packing Industries Pvt Ltd and Warden Hyforce Pvt Ltd. The transaction was registered on November 21, 2024, and ₹10.56 crore in stamp duty was paid on the purchase.

In June 2022, Equinix India revealed plans to invest $86 million for the construction of a new data center in Mumbai. The company had purchased a four-acre plot of land in the city’s Chandivali area.

Equinix had previously stated that the new data center, which would be called MB3, would be the company’s third such facility in Mumbai. MB3 IBX will be located adjacent to Equinix MB2 IBX and 1.5 km away from MB1 IBX data center.

Chandivali is strategically situated between Mumbai’s western and eastern suburbs, offering excellent connectivity throughout the city. It is also in proximity to Powai, which is home to numerous international and domestic companies. Equinix India currently operates three International Business Exchange (IBX) data centers in Mumbai, named MB1, MB2, and MB4. The newly acquired land houses one of these centers, MB2. 

The company plans to continue its investment in the market to support India’s growing digital economy. They have announced plans for the development of MB3, with an initial investment of $86 million. MB3 will offer a starting capacity of over 1,375 cabinets, expanding to more than 4,150 cabinets upon completion. Additionally, Equinix has revealed its expansion in Chennai, with an investment of $65 million for the first phase, which will provide 850 cabinets and a total capacity of 4,950 cabinets when fully developed.

Recent Transactions

Mumbai’s real estate market sees significant land transactions, with major deals involving residential, commercial, and industrial properties. Recent notable transactions highlight the demand for prime land in key locations across the city.

In a recent land deal, DMart acquired a plot of land in Chandivali for Rs. 117 crore. In another major land deal, Hindustan Construction Company (HCC) sold a 2.35 lakh sq mtr land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore.

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Property Ventures Sells Malad IT Park to Clear Bridge Ventures for ₹335 Crore

Property_Ventures_Sells_Malad_IT_Park

Property Ventures (India) Pvt Ltd, a subsidiary of RK Marbles, has recently sold an IT Park located in Mumbai’s Malad area to Clear Bridge Ventures LLP for a substantial sum of ₹335 crore. This information was revealed in property registration documents accessed by CRE Matrix. The IT Park spread across an area of 1.96 acres is located in the Linking Road area of Malad West, a well-connected and sought-after area, which adds to the property’s value.

The sale of the IT Park was finalized on August 23, 2024, with a stamp duty of ₹21.85 crore paid on the transaction. This information is based on the property registration documents.  

The IT Park, a substantial structure with six floors above ground level, offers a total saleable area of 1.47 lakh square feet. The property provides ample parking facilities with 123 car parking spaces and six designated slots for other vehicles, as detailed in the registration documents. These features make the property highly attractive to potential investors in the IT sector.

The sale of this IT Park highlights the strong demand for commercial real estate in Mumbai, particularly in well-connected areas like Malad. The property’s features, including ample parking and a prime location, make it an attractive investment option. This significant deal underscores the thriving commercial real estate market in the city.

Recent Transactions in Mumbai

Mumbai’s commercial real estate market is booming. The commercial real estate market is experiencing a significant surge in high-value deals, particularly in the office space sector. This reflects the city’s strong economic growth and strategic importance for businesses. Leading companies and investors are flocking to Mumbai to capitalize on this thriving market.

In a recent transaction, the subsidiary of Redbrick Offices acquired 22 office units for Rs 267.5 crore in Mumbai’s Marol area. In another major corporate spaces deal, Nielsen Media and its subsidiary recently leased 1.52 lakh square feet of office space for ₹3.87 crore per month for a 10-year term in Mumbai’s Goregaon locality. 

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Nielsen Media and Subsidiary Lease 1.52 lakh sq ft Office Space in Mumbai for ₹3.87 Crore Per Month for 10 Years

Nielsen_Media_and_Subsidiary_Lease_Office_Space_in_Mumbai

Nielsen Media India Private Limited and its subsidiary, Whats On India Media, signed a significant lease agreement for 1.52 lakh square feet of office space in Mumbai’s Goregaon. The office units are located in Commerze III, International Business Park, Oberoi Gardens in Goregaon East. Documents obtained from CRE Matrix revealed that the leasing agreement is for 10 years, with an initial monthly rent of ₹3.87 crore.

The property is strategically located along the Western Express Highway and is owned by Oberoi Realty. According to the documents accessed, Whats On India Media Private Limited has leased 39,852 square feet, including a portion of the terrace space. This deal comes with 42 parking spaces for cars and covers the 35th level of the building. 4 out of the 46 parking spaces would require payment at a rate of ₹5,000 per space. The company has paid a security deposit of ₹8.03 crore and the monthly rent for this area is ₹1.004 crore. The agreement was registered on July 9, 2024, with the license commencement date set for January 1, 2025.

In a separate transaction, Nielsen Media India Private Limited has leased the entire 36th, 37th, and 38th floors, along with a portion of the terrace, totaling approximately 1.124 lakh square feet. This lease involves a monthly rental of approximately ₹2.87 crore, accompanied by a security deposit of ₹22.9 crore. The rent for these three floors totals ₹255 per square foot per month. There are 122 free parking spots included in the lease, and 11 more parking spots can be leased for ₹5,000 per month.

These noteworthy lease agreements demonstrate the ongoing demand for upscale office space in Mumbai, especially in desirable areas like Goregaon East.

Recent Transactions for Office Spaces in Mumbai

Recent office space transactions in Mumbai highlight significant activity in the commercial real estate sector. In the latest transaction, Red Fox IT Infra LLP acquired 22 office units in the Times Square building at Marol in Mumbai for approximately Rs 267.5 crore. 

In another transaction, Bank of America leased two commercial units in Malad at a monthly rent of ₹91.5 lakh.

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