Nippon Life India Acquires 2 Commercial Spaces in One Lodha Place, Mumbai at Rs 486 Cr: Square Yards

Mumbai, November, 2024: 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.

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.