In a significant real estate transaction, the JSW Group, a prominent conglomerate headquartered in Mumbai, has acquired office spaces totaling 52,694 square feet in Navi Mumbai for a whopping ₹88.12 crore. This information, sourced from property registration documents via the real estate data analytics platform Propstack, reveals an intriguing expansion move by the conglomerate.
JSW Group, known for its diversified portfolio encompassing steel, energy, infrastructure, and cement, has made this substantial purchase through several of its subsidiaries. The seller in this high-profile deal is L&T Seawoods Limited, a well-known entity in the real estate sector.
The transaction was formalized on July 16, 2024, and included a stamp duty of ₹5.28 crore. The acquisition comprises multiple units across three wings within the prestigious Seawoods Grand Central, a prime location in Nerul, Navi Mumbai. Additionally, the deal includes parking accommodations for 52 vehicles.
Neither L&T Realty nor JSW Group provided any comments regarding the transaction.
This purchase is part of a growing trend where major corporations are opting to buy rather than lease commercial properties. Vimal Nadar, head of research at property consultancy Colliers, notes that large corporations, especially those in technology and BFSI sectors, find owning commercial assets more economically viable due to their clear long-term real estate requirements.
In a similar vein, Unity Small Finance Bank recently acquired 20 office units in Seawoods Grand Central with a combined carpet area of 97,920 square feet, valued at ₹165.60 crore. Furthermore, Bandhan Bank purchased 12 commercial units in INS Tower, (BKC) Bandra Kurla Complex, Mumbai, for ₹135.64 crore in February 2024, highlighting this burgeoning trend among corporates.
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Seawoods Grand Central, developed by L&T Realty, spans 40 acres and is a prime example of transit-oriented development. It features a blend of commercial, residential, and retail spaces. Notably, Nexus Select Trust, backed by global investment firm Blackstone, manages a million square feet of retail space within the campus, adding to its allure and strategic importance.
This shift towards ownership underscores the strategic decisions by leading corporations to secure their real estate needs in a cost-effective and sustainable manner.
Also Read:- What Are The Government Taxes On Property Purchase In Mumbai
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