Aurum PropTech Sells Commercial Towers in Navi Mumbai for Rs 112 Crore, Boosts AI Investments
Aurum PropTech Ltd, a listed property technology company, has approved the sale of two independent commercial towers located at Millennium Business Park in Navi Mumbai for a total consideration of Rs 112 crores. The two towers, designated as Q5 and Q6, collectively offer 142,000 square feet of leasable space across 1.33 acres within the complex. These assets were acquired by Aurum as part of its acquisition of the insurance technology company Majesco in 2021. Following the acquisition, Aurum has shifted its business model to focus on property technology.
The sale of these commercial towers is a significant step in Aurum PropTech’s broader strategic shift towards AI-driven PropTech platforms. The company is committing substantial capital to build advanced artificial intelligence capabilities across the real estate ecosystem. Onkar Shetye, Executive Director of Aurum PropTech, highlighted the company’s plans to deploy AI across its core segments of rental, distribution, and capital.
“Aurum plans to deploy artificial intelligence across its core segments of rental, distribution, and capital. AI will enhance tenant acquisition, enable dynamic pricing, improve property management, and automate leasing processes in the rental housing segment,” said Onkar Shetye. In the real estate distribution segment, AI will increasingly support property discovery, lead analytics, and sales automation. These initiatives aim to build a more digital, data-driven real estate ecosystem, positioning Aurum strongly in the AI-led PropTech market.
The transaction is expected to be completed by the end of June, subject to the receipt of necessary regulatory approvals. The proceeds from the sale will further strengthen Aurum’s growing AI investment pool, supporting the accelerated development of intelligent digital infrastructure for the real estate sector. The assets carry an approximate book value of Rs 27 crore, and the transaction is anticipated to result in a significant gain, improving the group’s profitability and strengthening its balance sheet.
Last year, Aurum PropTech acquired 100% of PropTiger, the Indian arm of News Corp Australia-backed REA Group, through an all-stock strategic equity swap. This marked the first-ever share-swap-based acquisition in the country’s proptech sector. As part of this transaction, REA India has become a 5.5% equity shareholder in Aurum PropTech by receiving 4.24 million equity shares through a preferential allotment. This strategic move has further solidified Aurum’s position in the competitive proptech landscape, enabling the company to leverage advanced technologies and data-driven solutions to enhance its offerings and operations.
