Aristo Pharma Acquires Prime Office Space in Mumbai’s Andheri West for ₹111 Crore

Aristo Pharmaceuticals has made a significant move in the commercial real estate market by acquiring office space spread over two floors in a commercial tower in Mumbai's western suburb Andheri West. The deal, valued at over ₹111.26 crore, is one of the key outright office transactions so far this year.

The pharmaceutical company has purchased units on the first and second floors of Parinee I from real estate developer Parinee Realty and an individual seller. The transaction was registered on March 27. The total carpet area of the acquisition is over 18,300 sq ft, while the usable area, including loft space, stands at around 28,300 sq ft, as shown by property registration documents accessed through realty data analytics platform Propstack.

The deal translates to a carpet rate of about ₹60,800 per sq ft, reflecting sustained demand for premium commercial assets in Mumbai's western suburbs. Notably, the transaction was executed through seven separate agreements, indicating a structured acquisition of multiple units within the same building.

The office tower is a completed commercial development and has seen transactions from both investors and occupiers. Aristo Pharma's acquisition underscores a broader trend of end-users investing in owned office spaces amid evolving workplace strategies and a preference for asset ownership over leasing in select cases.

While leasing activity continues to dominate the office market, outright purchases by occupiers signal long-term commitment to specific locations and can offer cost efficiencies over time, particularly in established commercial hubs such as Andheri West. Andheri West has remained a key commercial micro-market, driven by its connectivity, proximity to business districts, and access to social infrastructure. The locality continues to see steady interest from corporates looking to consolidate or expand their office presence.

ET's email query to Aristo Pharma remained unanswered, while Parinee Realty declined to comment. The acquisition by Aristo Pharma highlights the robust commercial real estate market in Mumbai, particularly in key areas like Andheri West, where companies are increasingly looking to secure prime office spaces for long-term growth and stability.