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Renewed hope in Mumbai realty market
Our Corporate Bureau
Mumbai, Nov 19: The commercial capital of India, has witnessed a flurry of investment transactions over the past two months on both residential and commercial premises.However, residential transactions continued to dominate with over 67 per cent of the total transactions. Commercial transactions accounted for 25 per cent, while the rest were land deals. Even as the sale of ICICI's main building at Backbay Reclamation for Rs 73.10 crore marked the biggest investment during the period, indications are that the next quarter is unlikely to see any steep increase in investments. Other smaller transactions continued even as there was not much change in the investment sector, according to property consultants. According to a report prepared by property consultant Cushman & Wakefield, buoyancy in prices continued for prime residential buildings in south Mumbai, where a 5,200 sq ft flat duplex apartment in Woodlands on Peddar Road was sold at the rate of Rs 23,846/sq ft. The apartment was owned by Procter & Gamble. Investments in land included purchase of a 600-sq0-yard plot with an existing bungalow in Santacruz by GESCO Corporation Ltd and approximately 5,730 sq metres in Andheri by Oberoi Constructions Pvt Ltd. Some of the recently-entered deals are:
HDFC Standard Life Insurance purchased 21,600-sq-ft office space at IL&FS House on Bandra-Kurla road at Rs 10,040/sq ft.Classic Credit Ltd purchased a 4,500-sq0-ft office with a 2,000-sq-ft terrace in Maker Chambers VI at Nariman Point at Rs 16,363/sq ftShaw Wallace & Co Ltd acquired a building at Andheri (east) called Hindustan Dorr Oliver measuring 51,900 sq ft. The deal was signed for Rs 12.5 crore.Elder Pharmaceuticals Ltd purchased 6,720 sq ft in Jai Mahavir Centre, Dalia Industrial Estate, Andheri (west) at Rs 2,575/sq ft. The building is still under construction.The Association of Polyester Staple Fibre Manufacturers has disposed of its office premises measuring 1,208 sq ft located in Mittal Chambers at Nariman Point at Rs 8,319/sq ft. There is a basement car park along with the office. Ogilvy & Mather have sold their five adjoining offices measuring a total of 4,463 sq ft located in Mittal Chambers at Rs 8,375/sq ft.The company has shifted to Lower Parel in Central Mumbai. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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