JSW Group Buys Office Spaces Spanning 52,000 Sq Ft for ₹88 Crore in Mumbai
The JSW Group has made a significant investment in Mumbai's commercial real estate market by acquiring office spaces worth ₹88.12 crore in Navi Mumbai's Seawoods Grand Central. According to property registration documents accessed through Propstack, the conglomerate's multiple subsidiaries have purchased office spaces totaling 52,694 square feet.
The transaction incurred a stamp duty of ₹5.28 crore. The office spaces are spread across three wings of Seawoods Grand Central, a transit-oriented development by L&T Realty. The deal also includes parking space for 52 cars, reflecting the scale and comprehensive nature of the purchase.
The office spaces have been acquired by various arms of the JSW Group, including its infrastructure, cement, steel, and energy subsidiaries. This move aligns with a broader trend observed among large corporates to buy rather than lease commercial properties, particularly when they have clear long-term real estate needs. Colliers experts have noted that larger corporates and business conglomerates, particularly from technology and BFSI sectors, having clarity over long-term real estate requirements, perhaps find it economically more viable to own commercial assets.
This acquisition is part of a growing trend of significant commercial property transactions in Mumbai. In June, Unity Small Finance Bank purchased 20 office units in the same Seawoods Grand Central complex with a combined carpet area of 97,920 square feet for ₹165.60 crore. Earlier this year, Bandhan Bank bought 12 commercial units in Mumbai's Bandra Kurla Complex for ₹135.64 crore.
Seawoods Grand Central, spanning 40 acres, is a major transit-oriented development featuring commercial, residential, and retail spaces. It is strategically located in the upmarket locality of Nerul in Navi Mumbai. The development includes a million square feet of retail space managed by Blackstone-backed Nexus Select Trust.
This acquisition highlights the JSW Group's commitment to expanding its physical footprint in strategic locations, underscoring the growing importance of owning prime commercial real estate.
Image source- jsw.in
