Nippon Life India Asset Management Limited (NAM Limited), one of India’s leading asset management firms, is ready to shift its base to a new address. According to a recent Square Yards review of IGR documents, the company has acquired two commercial properties in One Lodha Place in Mumbai’s Lower Parel. The transactions include a total area of 52,162 sq. ft. (4,846.01 sq. m.) secured at a combined value of ₹486.03 crores.
The company’s latest investment is a testament to Mumbai’s continued commercial rise. Anand Moorthy, Co-founder and CBO, Capital Market & Services, Square Yards, commented, “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.”
Explore all the key details of the firm’s latest acquisition and the iconic One Lodha Place. From property prices to stamp duty charges, read ahead to know everything related to NAM Limited’s new headquarters.
Key Highlights of the NAM’s Latest Deal
Based on the Inspector General of Registration (IGR) documents, NAM Limited finalised the deal with Macrotech Developers Ltd., better known as Lodha, on November 21st, 2024. Spanning an area of 26,313 sq. ft. (2,444.56 sq. m.), the first property was acquired for ₹245.18 crore. The second property, measuring 25,849 sq ft. (2,401.45 sq. m.), including 43 car parking spaces, was secured for ₹240.85 crore. The respective stamp duty for the two properties was ₹14.70 crore and ₹14.45 crore.
Mumbai’s desirability for commercial investments is expected to only grow further. “We anticipate a strong and sustained commercial demand in key localities, particularly for Grade-A office spaces, since the vacancy in such buildings in Mumbai is negligible. We are also witnessing more than a 40% increase in market value for Grade-A spaces for the first time in a decade, highlighting Mumbai’s status as a global business powerhouse”, remarked Anand Moorthy.
NAM Limited also owns exclusive signage rights for the two offices on the building’s 29th and 30th floors. The company plans to move from its previous headquarters at Peninsula Business Park to this new address.
All About One Lodha Place
One Lodha Place is a 600 ft. tall commercial tower by the Lodha Group in Mumbai’s Lower Parel. Designed by Pei Cobb Freed & Partners, this LEED-Platinum-certified building is India’s largest renewable energy-powered office building. While its premium offices and retail spaces attract the country’s elite, its unique amenities cater to the diverse needs of the corporate giants. The project’s proximity to the BKC, Bandra-Worli Sea Link and the international airport makes it a top choice among investors.
More About Nippon Life India Asset Management Limited
Established in 1995, Nippon Life India Asset Management Limited manages the Nippon India Mutual Fund (NIMF). The company offers diverse investment products, including equity, ETFs, debt, and retirement funds. With ₹5,52,409 crore worth of assets under management as of September 30, 2024, NAM Limited is one of India’s leading asset management firms.
Read more through the links below to uncover the key trends and market leaders driving this growth:
Business Standard – https://bit.ly/3OsILWH
The Hindu Business Line – https://bit.ly/3Zoluvs
moneycontrol.com – https://bit.ly/3Ve3vVU
Realty+ – https://bit.ly/3VcgDLm
Construction Week – https://bit.ly/3VAHm4D
UNI – https://bit.ly/3OtvKMB
Published Date: 26 Nov, 2024
