Nippon Life India Asset Management buys commercial property in Mumbai for Rs 486 crore

The acquired property is part of One Lodha Place, which includes luxury homes, offices, and retail

Nippon Life India Asset Management Ltd has acquired two commercial properties from Macrotech Developers Ltd, which is branded as Lodha, for a total of Rs 486.03 crore, according to registration documents accessed by real estate data intelligence firm Square Yards. The properties are located at Lodha's One Lodha Place mixed-use development in Lower Parel, which includes, luxury homes, offices, and retail outlets.

According to the transaction documents, Nippon Life India Asset Management has acquired a total of 52,162 square feet of space as part of the total acquisition. The company paid around Rs 29 crore by way of stamp duty for the transaction, and the property also comes with 43 car parking spaces.

Observers have said that the banking, financial services, and insurance sector has been at the forefront of outright commercial property acquisitions at landmark addresses and locations for self-use, and have also been looking to buy entire buildings, not just floors, with low levels of vacancy.

"Mumbai... 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," said Anand Moorthy, co-founder and chief business officer, capital market and services at Square Yards.

A spokesperson for Macrotech Developers declined to comment on the deal.