L&T Realty Sells 59,457 Sq Ft of Commercial Space in Navi Mumbai for ₹100 Crore
L&T Seawoods Ltd. sold 59,457 sqft in Seawoods Grand Central, Navi Mumbai, for ₹100 crore to Suryoday Small Finance Bank.
Real EstateMumbaiNavi MumbaiCommercial SpaceOffice SpaceReal Estate MumbaiJul 20, 2024
The property includes 12 commercial units and comes with 58 car parking spaces. Suryoday Small Finance Bank paid a stamp duty of ₹6.31 crore along with a registration fee of ₹30,000. The per sq ft rate for the transaction comes to ₹16,828.
Seawoods Grand Central is the star attraction for many prospective corporates, especially with its premium 11th floor still available. In a similar deal, multiple subsidiaries of Mumbai-headquartered conglomerate JSW Group also purchased office spaces spanning a total of 52,694 square feet in Seawoods Grand Central, Navi Mumbai for ₹88.12 crore.
The office space market across top 8 cities of India has been witnessing significant growth. According to a report released by Knight Frank India, a real estate consultancy firm, the office space market recorded its highest ever transaction volume in a half yearly period at 34.7 million square feet in H1 2024. This is expected to touch more than 70 mn sq ft by the end of the year on the back of renewed demand for office space from IT and ITeS companies in the next few months.
Information
Larsen & Toubro is an Indian multinational conglomerate with business interests in engineering, construction, manufacturing, and financial services. L&T Realty is the real estate development arm of Larsen & Toubro.
Suryoday Small Finance Bank is a small finance bank that offers a range of banking products and services to its customers. JSW Group is a Mumbai-headquartered conglomerate with business interests in steel, energy, and infrastructure.
Frequently Asked Questions
What is the size of the commercial space sold by L&T Realty?
59,457 sq ft
Who purchased the commercial space from L&T Realty?
Suryoday Small Finance Bank
What is the location of the commercial space?
Seawoods Grand Central, Navi Mumbai
What is the per sq ft rate for the transaction?
₹16,828
What is the expected transaction volume of office space market in India by the end of 2024?
More than 70 mn sq ft
Related News Articles
Cambodian Court Charges Real Estate Tycoon with Premeditated Murder of Young Couple
A court in Cambodia has formally charged a real estate entrepreneur with the premeditated murder of a young couple in Phnom Penh, sparking widespread public outrage.
Flight Cancellations: Airlines Scramble to Recover from Microsoft Outage
Over 1,400 flights cancelled globally, 200 in India, due to Microsoft Azure cloud service outage
Alt DRX Blockchain Technology Opens Real Estate Investment to Everyone
Bangalore (Karnataka) [India], November 7: In the past, real estate investing was an exclusive domain, accessible only to those with significant financial resources. However, with the advent of Alt DRX Blockchain Technology, the landscape is changing, mak
ED Restores 290 Crore Worth of Properties to MPID in Raigad
The Enforcement Directorate (ED) has successfully restored properties worth 290 crore, which were acquired through laundered funds and held under benami names in Raigad district.
SC Censures RERA: Real Estate Sector Fails to Protect Home Buyers
The Supreme Court of India has expressed disappointment with the functioning of the Real Estate Regulatory Authority (RERA), highlighting its failure to protect home buyers and regulate the real estate sector effectively.
UAE Clarifies Corporate Tax Rules for Foreign Investors in REITs and QIFs
The UAE has provided clear guidelines on corporate tax implications for non-resident investors in Qualifying Investment Funds (QIFs) and Real Estate Investment Trusts (REITs), ensuring transparency and encouraging foreign investment.