Kalpataru Sells Prime Office Space in Mumbai to German Maritime Firm
Kalpataru Group has successfully sold six office floors in its Kalpataru Virtus project in Vikhroli, Mumbai, to Bernhard Schulte Shipmanagement for ₹304.05 crore, marking one of the highest-value commercial property deals in the region.
Mumbai Real EstateCommercial PropertyKalpataru GroupBernhard Schulte ShipmanagementOffice LeaseReal Estate MumbaiNov 10, 2025
The transaction covers 93,226 sq ft of usable RERA carpet area and 1.02 lakh sq ft of built-up area within the Kalpataru Virtus project. The deal was registered on November 4, 2025, as per the documents.
The transaction covers the purchase of six office floors (15th to 20th) in the project located on the Jogeshwari–Vikhroli Link Road. The project is being developed by Mehal Enterprises LLP, the documents showed. The buyer paid ₹18.24 crore in stamp duty as part of the transaction. The possession of the premises is proposed for December 2028, as per the documents. The project is slated to be completed by December 2027, the company said.
The international shipping firm confirmed the transaction. “We can confirm that Bernhard Schulte Shipmanagement (BSM) recently secured office space in Kalpataru Virtus in Mumbai to accommodate our continued growth and to provide a modern, flexible workspace for our teams. This investment reflects our ongoing commitment to India as a key location for our global ship management operations and to contributing to the country’s growing maritime sector,” the company said.
India is an important market for BSM because of its large pool of skilled seafarers and its growing importance in global trade. Over the last decades, the company has been continuously expanding its presence and investing in its training facilities, such as our Maritime Training Centre in Kochi, to develop this talent and meet global demand for qualified crew. The market also offers opportunities for BSM's other services, such as technical consultancy and specialised maritime services, it said.
Bernhard Schulte Shipping is part of the Schulte Group, a global provider of maritime services, ship management, and offshore solutions, headquartered in Hamburg, with operations spanning over 30 countries.
Sources said that Kalpataru has sold around ₹1,200 crore worth of commercial space to buyers, including ICICI Prudential and Bernhard Schulte Shipping, last year. Currently, Kalpataru has approximately 2.5 lakh sq. ft. of premium commercial office space available for sale.
Mumbai’s Grade-A office corridors, especially along the JVLR–Powai–Vikhroli belt, have emerged as a preferred micro-market for technology, consulting, life sciences, and global capability centres, experts said. Kalpataru Virtus in Vikhroli (West) spans 1.12 acres and features a 30-storey tower. The project has a carpet area of more than 2.8 lakh sq ft, as per the company's website.
In previous office transactions in Mumbai, Qatar National Bank renewed its 8,079 sq ft office lease at Maker Maxity in Bandra Kurla Complex (BKC) at a starting monthly rent of ₹62.6 lakh, or ₹775 per sq ft, among the highest commercial lease rates in the country, according to documents accessed by Propstack. The renewal covers the ground floor of 4 North Avenue at a monthly rent of ₹775 per sq ft. The bank has occupied the space since 2016, when rent was ₹381 per sq ft per month, rising to ₹438 per sq ft in 2020 before the latest revision, the documents showed.
In August 2025, global banking giant BNP Paribas secured a premium office space at Maker Maxity, leasing a 3,497 sq ft ground-floor unit at a monthly rent of ₹811 per sq ft. The Mumbai real estate lease deal, valued at around ₹17 crore over five years, ranked among the highest-value commercial property deals in India, solidifying BKC as the country’s most expensive commercial district, documents accessed by Propstack showed. The monthly rent for the deal amounts to ₹28.36 lakh, with the space and three car parking spots rented, according to the documents.
Among other transactions, Credit rating agency CRISIL Limited has also signed a 15-year lease agreement for approximately 2.5 lakh sq ft of office space, valued at ₹597 crore, in Hiranandani Lightbridge, located in the Saki Vihar area of Powai, Mumbai, according to property registration documents accessed by Propstack. The lease commenced from August 31, 2025, and the company will occupy space on the 10th to 15th floors in the Lightbridge building. According to local brokers, the building is already home to large corporations in Mumbai’s eastern suburbs.
In 2020, Godrej Fund Management, the real estate private equity arm of the Godrej Group, had leased around 2 lakh sq ft office space at Godrej Two, a commercial office located at Vikhroli in Mumbai to Denmark-headquartered integrated container logistics company A.P. Moller – Maersk’s business units in Mumbai, as per media reports.
Frequently Asked Questions
What is the total value of the office space deal between Kalpataru Group and Bernhard Schulte Shipmanagement?
The total value of the office space deal is ₹304.05 crore.
How much usable RERA carpet area does the transaction cover?
The transaction covers 93,226 sq ft of usable RERA carpet area.
When is the possession of the premises proposed?
The possession of the premises is proposed for December 2028.
What is the significance of the JVLR–Powai–Vikhroli belt in Mumbai's real estate market?
The JVLR–Powai–Vikhroli belt has emerged as a preferred micro-market for technology, consulting, life sciences, and global capability centres in Mumbai's real estate market.
What is the monthly rent for the office space leased by BNP Paribas in Maker Maxity, BKC?
The monthly rent for the office space leased by BNP Paribas in Maker Maxity, BKC, is ₹28.36 lakh.
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