Kalpataru Sells Prime Office Space in Mumbai to German Maritime Firm for ₹304 Crore
Kalpataru Group has sold a significant portion of office space in the Kalpataru Virtus building in Mumbai to Bernhard Schulte Shipmanagement, a global maritime solutions company, for ₹304.05 crore. The deal includes 93,226 sq ft of RERA-approved office space, part of a 30-storey tower. The takeover is set for December 2028, with the project completion by December 2027.
Commercial Real EstateKalpataru GroupBernhard Schulte ShipmanagementMumbaiOffice SpaceReal Estate MumbaiNov 12, 2025
The deal includes 93,226 sq ft of RERA-approved office space, part of a total 102,000 sq ft in the 30-storey Kalpataru Virtus tower, located in Mumbai’s fast-growing JVLR commercial corridor. The area that has been purchased is from the 15th to the 20th floors of the building. The buyer, according to the contract, disbursed a stamp duty of ₹18.24 crore.
The takeover of the property is set for December 2028, while the whole project is slated to be completed by December 2027. Mehal Enterprises LLP, a subsidiary of the Kalpataru Group, is the project developer. Bernhard Schulte Shipmanagement confirmed the acquisition of a new office as a strategic move in line with its long-term growth plans in India.
“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,” the company said in a statement.
The company also emphasized India as a major maritime hub of the future. Reasons for this include the vast pool of qualified seafarers, India's increasing role in global trade, and their investment in the BSM Maritime Training Centre in Kochi.
Kalpataru’s Commercial Portfolio on the Rise
According to sources, Kalpataru has raked in more than ₹1,200 crore in commercial office sales to various buyers, including ICICI Prudential and Bernhard Schulte Shipmanagement, over the last year. Besides, the developer is said to have nearly 2.5 lakh sq ft of high-end office space up for sale.
Kalpataru Virtus covers an area of 1.12 acres with a RERA carpet area that is more than 280,000 sq ft. The project is a carefully designed one which intends to cater to the requirements of MNCs that are in need of high-quality, flexible office spaces in the eastern business district of Mumbai.
Real estate analysts are noting that the JVLR–Powai–Vikhroli corridor has changed very rapidly into a highly desirable micro-market for sectors like technology, consulting, life sciences, and global capability centres (GCCs). Factors such as infrastructure connectivity, modern office supply, and closeness to residential areas are the main reasons for that development.
Major Office Transactions in Mumbai
Mumbai's commercial real estate market remains a red-hot area of interest for both local and international companies. Notable transactions include:
- In October 2025, Qatar National Bank kept its office at Maker Maxity (BKC) for 8,079 sq ft and extended the lease for another 5 years at a monthly rent of ₹62.6 lakh (₹775 per sq ft), one of the highest rents in the country.
- BNP Paribas took 3,497 sq ft in the same building at the rate of ₹811 per sq ft. The five-year lease is worth ₹17 crore.
- CRISIL Limited signed a 15-year lease agreement with Hiranandani Lightbridge, Powai for 2.5 lakh sq ft, worth ₹597 crore, starting August 2025.
- Back in 2020, A.P. Moller–Maersk decided to lease 2 lakh sq ft at Godrej Two, Vikhroli, a clear signal of the area's attractiveness to global maritime and logistics players over the long term.
The recent Kalpataru–BSM deal is a good example that shows global companies still trust in Mumbai’s commercial real estate market and want to invest in properties in the east-west growth corridors like Vikhroli and Powai. The demand for Grade-A, flexible office spaces is getting higher throughout the city as the multinational companies are planning to set up their operations in India.
Frequently Asked Questions
What is the total consideration for the office space sold by Kalpataru to Bernhard Schulte Shipmanagement?
The total consideration for the office space sold by Kalpataru to Bernhard Schulte Shipmanagement is ₹304.05 crore.
When is the takeover of the property set for?
The takeover of the property is set for December 2028.
What is the RERA-approved area of the office space sold?
The RERA-approved area of the office space sold is 93,226 sq ft.
Which company is the project developer for Kalpataru Virtus?
Mehal Enterprises LLP, a subsidiary of the Kalpataru Group, is the project developer for Kalpataru Virtus.
Why is Bernhard Schulte Shipmanagement investing in Mumbai?
Bernhard Schulte Shipmanagement is investing in Mumbai to accommodate their continued growth and to provide a modern, flexible workspace for their teams. They also see India as a major maritime hub with a vast pool of qualified seafarers and an increasing role in global trade.
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