National Realty Pvt Ltd has bought office spaces worth Rs 188 crore in Thane West, Mumbai, documents accessed by Propstack showed.
It has bought the five commercial floors from Lodha Group (listed as Macrotech Developers) spread across an area of 1,61,685 square feet in a development called Lodha iThink.
The sale deed was registered on March 15. The floors come with 173 car parkings and the company paid a stamp duty of Rs 11.26 crore, it said.
A response from Macrotech Developers and National Realty is awaited.
"This is a sign of growing investor confidence in Thane market and broadly the office sector. Considering multiple transactions across MMR, we may well see a strong recovery in the office sector," said Raja Seetharaman, co-founder, Propstack.
Lodha iThink is located just off the Eastern Express Highway. The G+14 floor building (inclusive of four parking floors) is a premium development of Thane and the prevailing rentals in Lodha iThink are around Rs 75 to 85 per square feet per month on the carpet.
A few other commercial office complexes in the vicinity include Ashar Enclave and Lodha Supremus. As one moves towards the complexes with direct access to the Eastern Express Highway, the rentals climb higher, said Prashant Thakur, senior director and head - research, ANAROCK Group.
Polycab India has also bought a commercial space in Mumbai’s Dadar West area for Rs 202 crore. Ruby Mills has sold 23rd and 24th floors of commercial space across an area of 55383.65 square feet to Polycab India.
The property is located in The Ruby Building, Dadar West, Mumbai. It comes with 40 car parking slots.
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