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
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