by THO
Multiple subsidiaries of Mumbai-headquartered conglomerate JSW Group have purchased office spaces spanning a total of 52,694 square feet in Navi Mumbai for ₹88.12 crore, property registration documents accessed through real estate data analytics platform Propstack showed.
These entities include the infrastructure, cement, steel and energy arms of the Group, per the documents. The seller in the big-ticket deal is named as L&T Seawoods Limited.
The transaction was registered on July 16, 2024, and attracted a stamp duty of ₹5.28 crore, as per details mentioned in the documents. The deal includes multiple units spread across three wings in Seawoods Grand Central, located in the upmarket locality of Nerul in Navi Mumbai. It also includes a parking space for 52 cars.
Also Read: Unity Small Finance Bank buys commercial properties worth ₹400 crore in Mumbai
A query sent to L&T Realty by HT.com did not elicit a response till press time. The story will be updated once a reply is received. Meanwhile JSW Group declined to comment on the story.
As reported earlier by HT.com, in June, private lender Unity Small Finance Bank bought as many as 20 office units in Seawoods Grand Central with a combined carpet area of 97,920 square feet. The deal was valued at ₹165.60 crore, documents accessed through Propstack showed.
Spread across 40 acres, Seawoods Grand Central by L&T Realty is a transit-oriented development, including commercial, residential and retail units. Global investment firm Blackstone-backed Nexus Select Trust owns and manages a million square feet of retail space in the campus.
Also Read: Bandhan Bank purchases 12 commercial units in Mumbai’s BKC for ₹135 crore
Owning versus leasing
Commercial real estate experts, who spoke to HT Digital, said that there has been an increase in the number of corporates buying commercial properties rather than opting to lease them.
“Larger corporates and business conglomerates, particularly from technology and BFSI sector, having clarity over long-term real estate requirements, perhaps find it economically more viable to own commercial assets,” said Vimal Nadar, who heads research at property consultancy Colliers.
Also Read: UK Consulate buys office space in Mumbai’s Lower Parel area from Lodha Group for ₹101.2 crore
In February this year, Bandhan Bank had purchased 12 commercial units in INS Tower, Bandra Kurla Complex, Mumbai for ₹135.64 crore, documents accessed through FloorTap.com, a marketplace for commercial properties, showed.
