Polycab India Ltd is a listed company which manufactures cables and wires.
Ruby Mills Ltd has sold the 23rd and 24th floors of commercial space spread across an area of 55383.65 sq. ft to Polycab India Ltd, the transfer deed showed.
The property is located in The Ruby Building, Dadar West, Mumbai. It comes with 40 car parking slots, the document showed.
The company paid a stamp duty of Rs 10 crore. The transfer deed was registered on March 31, 2022.
Rohal Lifescapes said the transaction is one of the largest outright deals for office spaces in the recent past.
Rohan Lifescapes' landmark building, The Ruby is the tallest commercial tower located in prime Dadar, and is occupied by renowned MNCs. The 1.2-million-sq-ft development that counts EY India, ARCIL, and Axis Bank as its key occupiers is a joint venture between Ruby Mills and Rohan Lifescapes.
The space in question is a 55,383.65 sq ft expanse, sprawling across the 23rd and 24th floors, on Tulsi Pipe Road. The office showcases envious sea views and cityscapes along with spacious parking slots.
Harresh Mehta, CMD of Rohan Lifescapes, is bullish on commercial real estate. He believes that the real estate sector in south and central Mumbai is picking up. This is directly leading to the prompt revival of commercial real estate space post-COVID-19.
“Most corporates have started working around a long term plan which takes into account the resurgence of COVID-19 or any similar situations. This acquisition is indicative of that strategy. Central Mumbai is ideally located between erstwhile CBD - Nariman Point and the new CBD - BKC. Leasing market has been steady and it is an attractive market to acquire commercial properties at the right price,” said Raja Seetharaman, co-founder, Propstack.The story will be updated once there is a response from Polycab India Ltd.
Dadar, one of Mumbai’s oldest and most established locations, stands in a class uniquely its own by virtue of its extremely favourable geographical placement and connectivity, said Bappaditya Basu, CBO - ANAROCK Commercial.
A primary public transport hub, Dadar is also easily accessible by road. In practical terms, this means that professionals living almost anywhere in Mumbai (and in fact even Pune) and working in Dadar can reach their workplaces with a single journey and commute back with equal ease. The inconvenience of changing buses and trains – the bane of most of Mumbai’s working professionals – is effectively eliminated. Importantly, Dadar is also a mere 8.5 kilometres from the domestic airport at Santa Cruz.
In July 2021, the owner of the company, Inder Thakurdas Jaisinghani, bought four housing units spread across 4,726.5 sq ft in Beaumonde Towers for Rs 34.5 crore in Mumbai.Colliers said.
The vacancy in Grade A office markets across the top six cities has remained stable at 18.5 percent, it said.The office realty began picking up since the second half of 2021, with the momentum continuing onto the first quarter of 2022. This has been led by large deals returning to the market, well supported by an infusion of quality supply across the prominent markets, it noted.