Mumbai: ICICI Prudential AMC Purchases Commercial Office Space Worth ₹315 Crore At Kalpataru Infinia In Santacruz

Mumbai: ICICI Prudential AMC Purchases Commercial Office Space Worth ₹315 Crore At Kalpataru Infinia In Santacruz

In one of the biggest commercial real etstae deals, the ICICI Prudential Asset Management Company Ltd has purchased 12 floors along with land, three basements and ground floor situated at Kalpataru Infinia situated in Santacruz East for a whopping Rs 315 Crore.

Bhalchandra ChorghadeUpdated: Monday, July 01, 2024, 10:14 PM IST
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Mumbai: ICICI Prudential AMC Purchases Commercial Office Space Worth ₹315 Crore At Kalpataru Infinia In Santacruz | File

Mumbai: In one of the biggest commercial real etstae deals, the ICICI Prudential Asset Management Company Ltd has purchased 12 floors along with land, three basements and ground floor situated at Kalpataru Infinia situated in Santacruz East for a whopping Rs 315 Crore. The company purchased the property from Ixora Properties Pvt Ltd.

According to the documents accessed by FloorTap.com, the marketplace for commercial properties, ICICI Prudential paid stamp duty of Rs 18.90 Crore to seal the deal that was registered on June 27, 2024. The total area of property is 63,733 sq ft and comes along with 114 parking spaces, the documents stated.

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.

The deal comes almost a week after Unity Small Finance Bank Ltd purchased commercial units worth Rs 227 Crore in A Wing of Unity Towers, also situated in Santacruz. The bank paid a stamp duty of Rs 13.62 Crore and the deal was registered on June 18, 2024. The bank purchased commercial units situated in the Upper Basement (Part), Ground Basement (Part), first (Part), second, third, fourth and fifth floors of the building from Intercon Corporation (I) Ltd. The total area of property is 70,030 sq ft and also has 120 car parkings.

In its recent report, the global real estate consultancy firm Knight Frank said the city of Mumbai recorded approximately 11,443 property registrations in June 2024, contributing over Rs 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.

While property registrations in the city saw YoY growth in June, the average recorded registrations of 12,044 units in the first six months were notably higher than the 12-month average of 10,578 units. This indicates the sustenance of Mumbai's residential market strength and confidence of homebuyers.

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