Nippon Life India buys two prime commercial properties in Mumbai for Rs 486.03 crore, expanding its footprint in the city’s real estate market. The properties, acquired from Macrotech Developers (Lodha), are located within the One Lodha Place mixed-use development in Lower Parel, a prominent business and residential hub.
Details of Nippon life India’s acquisition
The acquisition covers a total of 52,162 square feet of space, including luxury homes, offices, and retail outlets. In addition to the Rs 486 crore purchase price, Nippon Life India Asset Management paid approximately Rs 29 crore in stamp duty. The deal also includes 43 parking spaces, adding further value to the transaction.
BFSI sector drives demand for premium commercial spaces
The banking, financial services, and insurance (BFSI) sector has been increasingly acquiring commercial properties for self-use in landmark locations across Mumbai. The city remains a key destination for both domestic and multinational companies, especially those in the BFSI industry. With its continued economic prominence, Mumbai attracts high-end commercial developments like One Lodha Place, drawing significant interest from major players like Nippon Life India.
Anand Moorthy, co-founder of Square Yards, highlighted the growing demand for office spaces not only in established areas like Bandra-Kurla Complex (BKC) but also in emerging micro-markets such as Lower Parel, Andheri, and the Malad-Goregaon corridor.
Strategic acquisition in lower parel
Lower Parel, known for its central location and mixed-use developments, continues to attract multinational firms seeking premium office spaces. This acquisition by Nippon Life India is part of the ongoing trend of BFSI firms securing large, fully-owned properties with low vacancy rates, reinforcing the sector’s confidence in Mumbai’s real estate market.
Nippon Life India’s latest investment solidifies its position in one of Mumbai’s most sought-after commercial districts. This acquisition, alongside similar trends across the city, reflects the ongoing shift in how businesses are approaching real estate in the post-pandemic era.
