New Delhi, Delhi, 26th of November, 2024 : In a strategic expansion move, Nippon Life India Asset Management Ltd. has acquired two premium commercial properties at One Lodha Place in Mumbai’s Lower Parel locality, for a combined value of Rs. 486.03 crore, according to IGR documents reviewed by Square Yards.
Lower Parel is a major commercial suburb of Mumbai known for its premium office spaces. The locality is situated near international airport, the Eastern Express Highway and the Bandra-Worli Sea Link, providing excellent connectivity to other parts of the city. One Lodha Place is ready-to-move commercial project developed by Lodha Group (Macrotech Developers Limited) in Mumbai’s Lower Parel.
Anand Moorthy, Co-founder and CBO, Capital Market & Services, Square Yards said, “Mumbai, as India’s financial capital, continues to attract both domestic and multinational firms, particularly in the BFSI sector for self-use, reflecting its vital role in the country’s economic landscape. The recent acquisition by Nippon Life India Asset Management Ltd. exemplifies this ongoing trend. While Bandra-Kurla Complex (BKC) remains a flagship commercial hub, there is a noticeable uptick in demand for office spaces in micro-markets such as Lower Parel, Andheri, and the Malad-Goregaon corridor from MNCs. We anticipate a strong and sustained commercial demand in key localities, particularly for Grade-A office spaces, since the vacancy in such buildings in Mumbai is negligible. We are also witnessing more than a 40% increase in market value for Grade-A spaces for the first time in a decade, highlighting Mumbai’s status a global business powerhouse.”
According to Square Yards, the transactions, both registered in November 2024, involve a total transacted area of 4,846.01 square meters (~52,162 square feet). The first acquisition, valued at Rs. 245.18 crore, spans 2,444.56 sq. m. (~26,313 sq. ft.), with a stamp duty of Rs. 14.70 crore and includes 44 car parking spaces. The second acquisition, valued at Rs. 240.85 crore covers 2,401.45 sq. m. (~25,849 sq. ft.), with a stamp duty of Rs. 14.45 crore and include a total of 43 car parking spaces.
Nippon Life India Asset Management Ltd. (NAM India), a leading player in the Indian asset management industry, leverages 134 years of global expertise and over 25 years of experience in the domestic market. As one of the largest asset managers in the country, NAM India, through Nippon India Mutual Fund, provides a wide array of financial products and services designed to meet the diverse needs of investors. Backed by Nippon Life Insurance, a global financial services giant, the company remains committed to innovation and excellence, with a portfolio spanning equity, debt, and hybrid asset categories.
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