L&T’s realty arm sells 59,457 sq ft of commercial space for ₹100 crore to Suryoday Small Finance Bank in Navi Mumbai

Larsen & Toubro’s realty arm L&T Seawoods Limited has sold 59,457 sq ft of commercial space for ₹100 crore to Suryoday Small Finance Bank. The property is located in Seawoods Grand Central in Navi Mumbai, a satellite city near Mumbai, according to the property registration documents accessed by PropStack

The property includes 12 commercial units and comes with 58 car parking spaces. The transaction was registered on July 4, 2024, the documents showed.

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.

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“L&T Seawoods Ltd. sold 59,457 sqft in Seawoods Grand Central, Navi Mumbai, for ₹100 crore to Suryoday Small Finance Bank. Additionally, JSW Infrastructure acquired its second floor of 52,695 sqft in Seawoods from L&T Realty for ₹88.11 crore. Seawoods Grand Central is the star attraction for many prospective corporates, especially with its premium 11th floor still available,” L&T Spokesperson said in a email response to HT.com

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An email query sent to Suryoday Small Finance Bank did not get any response.

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, property registration documents accessed by real estate data analytics platform Propstack showed.

The transaction was registered on July 16, 2024 along with 52 car parking spaces.

Recently, Nielsen Media and its subsidiary Whats On India Media Pvt Ltd leased a 1.52 lakh sq ft commercial space in Commerze III, International Business Park, Oberoi Gardens, a project by Oberoi Realty, in Mumbai for a starting monthly rent of ₹3.87 crore for 10 years.

Office space market across top 8 cities of India

According to a report released by Knight Frank India, a real estate consultancy firm, the office space market across top eight cities in India recorded its highest ever transaction volume in a half yearly period at 34.7 million square feet (mn sq ft) in H1 2024.

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The transactions recorded a YoY growth of 33% in H1 2024 from 26.1 mn sq ft in H1 2023. 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, the report added.