Nippon Life India Asset Management Limited has bought two prime commercial properties in the Lower Parel locality of Mumbai for Rs 486.03 crore. According to the Inspector General of Registration (IGR) on November 21, 2024, both the deals have about 52,162 square feet area combined. 

Two properties are located in the high-end commercial development by Lodha Group-Macrotech Developers Ltd. branded as One Lodha Place. Lower Parel is a favorite business hub of Mumbai, as it offers high-quality office space and strategic location. 

This sum of Rs 245.18 crores is 26,313 square feet while the second acquisition on account of worth Rs 240.85 crores has spread over 25,849 square feet. Stamp duty regarding the first purchase had been Rs 14.70 crores while for the second purchase stamp duty of Rs 14.45 crores was accepted. 

Commenting on the acquisition, Anand Moorthy, co-founder and Chief Business Officer at Square Yards, said, “Mumbai is India’s financial capital and the city will continue to attract domestic and international firms, most noticeably from the BFSI sector. Despite the city being a key economic hub for such business, sustained demand for premium office spaces will prevail, predominantly Grade-A properties, due to minimal vacancy rates.”. 

Moorthy further noted that the Grade-A office space market in Mumbai has experienced phenomenal growth, with property values having risen more than 40% over the past decade. This trend is an indicator of the continued status of the city as a global business center and upholds its status as the best location for investing in commercial real estate. 

Nippon Life India’s acquisition highlights the broader trend of strong demand for commercial properties in key Mumbai localities due to the city’s economic resilience and its status as a business powerhouse. The deal also reaffirms the attraction of high-quality office spaces for long-term investment, especially in strategic locations such as Lower Parel.