DCB Bank buys office in Mumbai’s Lower Parel for 37 crore
Bengaluru: DCB Bank Limited purchased an office unit in the Peninsula Business Park, in the Lower Parel area of Mumbai, for ??37.11 crore, according to documents viewed by real estate data and analysis company Propstack.
Templecraft Realty LLP sold the 15,464 square foot unit, which has 15 parking lots, on the eighteenth floor of Tower A, to DCB Bank. The deed of sale was signed in December.
“Mumbai’s office market has held up during the pandemic and this transaction is another indicator of pent-up demand. That said, companies are currently cautious of the new wave and anticipated restrictions. In this context, as companies consider a hybrid space strategy, DCB seems to have opted for a long term strategy with this office acquisition. The fact that they had been tenants of the same building in recent years would also have influenced this decision, ”said Raja Seetharaman, co-founder of Propstack.
According to the deed of sale, DCB Bank is headquartered in Peninsula Business Park.
A spokesperson for Templeton Realty did not respond to questions.
Recently, the rating agency Crisil Ltd sold an office building in the suburbs of Mumbai for around ??49 crore to Amoreux Enterprise Pvt Ltd.
The Mumbai Metropolitan Area (MMR) office market shows renewed optimism as rental volume and new completed projects gain momentum in the second half of 2021, the advisor said on Wednesday. Knight Frank India real estate in a report. Despite the temporary hiatus due to the second wave of covid-19, companies are now stabilizing, construction sites are fully operational, developers are restructuring their business plans to adapt to the new normal and the recovery is on the way well, according to the Knight Frank report.
However, with the arrival of the third wave, real estate analysts are again uncertain about whether occupants will occupy new space until the uncertainty subsides.
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