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Business EconomyPosted at: Nov 26 2024 7:24PM


Nippon Life India Asset management acquires commercial spaces worth Rs 486 cr

Hyderabad, Nov 26 (UNI) Nippon Life India Asset Management Ltd. (NAM India), a leading player in the Indian asset management industry, has 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 IGR documents reviewed by Square Yards.
Lower Parel is a major commercial suburb of Mumbai known for its premium office spaces.
The locality is situated near international airport, the Eastern Express Highway and the Bandra-Worli Sea Link, providing excellent connectivity to other parts of the city.
One Lodha Place is ready-to-move commercial project developed by Lodha Group (Macrotech Developers Limited) in Mumbai’s Lower Parel.
Anand Moorthy, Co-founder and CBO, Capital Market & Services, Square Yards said, “The recent acquisition by NAM India exemplifies this ongoing trend. We anticipate a strong and sustained commercial demand in key localities, particularly for Grade-A office spaces, since the vacancy in such buildings in Mumbai is negligible.
We are also witnessing more than a 40% increase in market value for Grade-A spaces for the first time in a decade, highlighting Mumbai’s status as a global business powerhouse.”
According to Square Yards, the transactions, both registered in November 2024, involve a total transacted area of 4,846.01 square meters (~52,162 square feet). The first acquisition, valued at Rs. 245.18 crore, spans 2,444.56 sq. m. (~26,313 sq. ft.), with a stamp duty of Rs. 14.70 crore and includes 44 car parking spaces. The second acquisition, valued at Rs. 240.85 crore covers 2,401.45 sq. m. (~25,849 sq. ft.), with a stamp duty of Rs. 14.45 crore and include a total of 43 car parking spaces.
UNI KNR CS1922
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