Mumbai's Commercial Real Estate Market Sees a Boost with ICICI Prudential's ₹315 Crore Deal
ICICI Prudential AMC has purchased 12 floors and land at Kalpataru Infinia in Santacruz East for ₹315 Crore, marking one of the biggest commercial real estate deals in recent times.
Mumbai Commercial Real EstateIcici PrudentialKalpataru InfiniaSantacruz EastOffice SpaceReal Estate MumbaiJul 01, 2024
The deal was registered on June 27, 2024, after ICICI Prudential paid a stamp duty of ₹18.90 Crore. This purchase is one of the biggest commercial real estate deals in recent times, showcasing the company's confidence in the Mumbai market.
ICICI Prudential, founded in 1993 as a joint venture between ICICI Bank and Prudential plc, is the second-largest asset management company in India after the SBI Mutual Fund.
The deal comes on the heels of another significant purchase by Unity Small Finance Bank Ltd, which bought commercial units worth ₹227 Crore in A Wing of Unity Towers, also situated in Santacruz. The bank paid a stamp duty of ₹13.62 Crore and the deal was registered on June 18, 2024.
According to a recent report by Knight Frank, the global real estate consultancy firm, Mumbai recorded approximately 11,443 property registrations in June 2024, contributing over ₹986 Crore to the state exchequer. Compared to the same period last year, property registrations have risen by 11% year-on-year (YoY), and revenues from these registrations have increased by 15% YoY.
Strong buyer confidence in Mumbai has kept property sales above the 10,000 mark in the first half of the year. The market has seen consistent yearly growth in registrations for eleven months since August 2023. In June 2024, Mumbai experienced the highest number of property registrations for any June month in the past 12 years. This upsurge can be attributed to rising economic prosperity and a favourable sentiment towards homeownership, the report said.
Information
ICICI Prudential is an asset management company founded in 1993 as a joint venture between ICICI Bank and Prudential plc. It is the second-largest asset management company in India after the SBI Mutual Fund.
ICICI Bank is a leading private sector bank in India, while Prudential plc is a UK-based multinational life insurance and financial services company.
Frequently Asked Questions
What is the value of the commercial office space purchased by ICICI Prudential?
The value of the commercial office space purchased by ICICI Prudential is ₹315 Crore.
Where is the Kalpataru Infinia property located?
The Kalpataru Infinia property is located in Santacruz East, Mumbai.
Who is the seller of the property?
The seller of the property is Ixora Properties Pvt Ltd.
What is the total area of the property?
The total area of the property is 63,733 sq ft.
How many parking spaces come with the property?
The property comes with 114 parking spaces.
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