Tata Group’s non-banking financial company Tata Investment Corporation has acquired office space spread across two floors in a commercial tower in central Mumbai’s Wadala locality for nearly Rs 150 crore.
The listed investment company has purchased this office space spread over nearly 43,000 sq ft carpet area in the project VIOS at New Cuffe Parade.
Of this, the company has bought 21,441 sq ft office spread over the entire 17th floor for over Rs 74.24 crore and more than 21,300 sq ft office covering the entire 22nd floor of the commercial tower for nearly Rs 73.76 crore.
The company has paid stamp duty of over Rs 8.80 crore for the registration of the deal that took place on January 10. As part of the agreement, the buyer will also get exclusive access to over 63 car parking slots, showed the documents accessed through CRE Matrix.
Tata Investment Corporation operates from Elphinstone Building on Horniman Circle in South Mumbai’s Churchgate area, in proximity to Bombay House that serves as the head office of the Tata Group.
It could not be ascertained if the new office space will be used for expansion or relocation of any other office.
ET’s email query to Tata Investment Corporation remained unanswered until the time of going to press.
The Indian office property market has shown significant growth in recent years, driven by the expanding demand from both domestic and international companies led by steady growth in the economy.
This outright transaction by Tata Investment Corporation stands out in the backdrop of the commercial property market being dominated by lease deals.
In the realm of outright deals, the Indian office realty market has witnessed notable transactions, where institutional investors and large corporations acquire office buildings outright instead of leasing.
These outright acquisitions are often driven by either end usage or the potential for long-term capital appreciation and stable rental income streams
