Mumbai: Titan buys ₹100 crore retail space in Borivali

Mumbai: Titan buys ₹100 crore retail space in Borivali

The deal was registered on Thursday with the payment of ₹6 crore in stamp duty, according to documents available with The Free Press Journal.

Ateeq ShaikhUpdated: Sunday, May 21, 2023, 04:18 PM IST
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Tata Group’s watches and fashion accessories brand Titan has purchased commercial space in Borivali West for ₹100 crore.

The deal was registered on Thursday with the payment of ₹6 crore in stamp duty, according to documents available with The Free Press Journal. The seller had taken a loan of ₹37.32 crore from Axis Bank for this property.

Documents accessed using CRE Matrix, a real estate data analytics firm, show that the company picked up 16,280 sq ft for a grand showroom in Vinni Elegance on Lokmanya Tilak Road near Borivali Railway Station from a proprietary concern that has real estate interests.

The showroom will be spread over three levels, including the upper basement, ground floor, and first floor.

The property was entangled in a legal dispute that reached the Bombay High Court and was settled only in April 2023.

It is not known whether the Tata Group will use the space for its jewellery brand Tanishq or Titan, which also houses watches, clocks, eyewear, and other accessories. However, the latest real estate purchase is more in line with Titan's long-term plan to expand its footprint and expand its jewellery business, Tanishq, 2.5 times.

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