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Tata Investment Corporation, the non-banking financial arm of the Tata Group, has purchased office space spanning two floors in Mumbai's Wadala locality for approximately INR 150 crore. The acquisition, located in the VIOS project at New Cuffe Parade, includes a total area of 43,000 sq ft. The company's purchase comprises the entire 17th and 22nd floors, accompanied by exclusive rights to 63 parking slots. The transaction highlights a notable outright purchase trend in India's commercial real estate sector, contrasting with the market's leasing dominance.
Tata Investment Corporation, the Tata Group's non-banking financial entity, has recently acquired office space across two floors of a commercial tower in Mumbai's Wadala area. The purchase, amounting to nearly INR 150 crore, is located within the VIOS project at New Cuffe Parade and encompasses an expansive carpet area of approximately 43,000 sq ft. Advertisement
According to the Agreement for Assignment cum Sale, NCP Commercial Pvt Ltd has sold the two office spaces in a building called Lodha Excelus in the Wadala area of Mumbai.
The company secured 21,441 sq ft of office space on the entire 17th floor for over INR 74.24 crore, and an additional 21,300 sq ft on the entire 22nd floor for close to INR 73.76 crore. For registering the transaction, stamp duty exceeding INR 8.80 crore was paid. As part of the agreement, the acquisition includes exclusive access to over 63 car parking slots, according to details obtained from CRE Matrix.
The office building Lodha Excelus is located inside Lodha New Cuffe Parade, a township project by Macrotech Developers, also known as Lodha Group. It is a mixed-use development, spread over 23 acres and includes 10 residential and three commercial towers. Lodha Group has 2.5-3 million sq ft office space across three towers.
The location at Wadala also makes sense for a commercial office setup. Wadala enjoys good connectivity with Bandra Kurla Complex (BKC), India's costliest commercial district, and South Mumbai. It is also well connected to highway networks for those wanting to travel to the western and eastern suburbs and Atal Setu for those travelling towards Ulwe, Panvel, Navi Mumbai, and Panvel.
Tata Investment Corporation's current operations are based at the Elphinstone Building near Horniman Circle in South Mumbai's Churchgate area, close to Bombay House, the Tata Group's headquarters. It remains unclear whether the newly acquired office space will serve as an expansion or a relocation of existing offices.
India's office property market has seen remarkable growth in recent years, strengthened by increasing demand from domestic and international companies, supported by steady economic development. This acquisition is significant as outright transactions-where companies purchase office spaces instead of leasing them-are still less common in the Indian commercial real estate sector. Such transactions are typically motivated by end-use requirements, long-term capital appreciation, and stable rental income potential.
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