Realty deal in Navi Mumbai: Ascendas to pay ₹930 crore for two IT park buildings
The property major is set to buy 1.4 million sq ft in two under-construction buildings
In another high-value Mumbai Metropolitan Region real estate deal, property major Ascendas India Trust is set to buy 1.4 million sqft in two under-construction buildings for ₹930 crore at an information technology park in Navi Mumbai.
The deal to buy the buildings in the Aurum Platz IT Park comes just weeks after Essar Group sold its Equinox Business Park at Bandra-Kurla Complex to Brookfield Asset Management for Rs2,400 crore.
“The Aurum Platz IT Park is located on Thane-Belapur Road, close to the upcoming Navi Mumbai international airport, and existing road and rail networks,” said Ashish Deora, founder-CEO of Aurum Ventures, explaining why the buildings fetched a premium.
Ascendas said the acquisition will begin its IT Park business investment in Navi Mumbai. “The properties are located on the Thane-Belapur Expressway, a key IT corridor in Mumbai,” said Sanjeev Dasgupta, CEO and trustee-manager.
The construction of the first building is expected to be completed later this year, and the second in 2020.
Real Estate analysts said such deals show positivity in commercial real estate. “Big players are picking up spaces as they see good returns, unlike residential complexes,” said Pankaj Kapoor, CEO of real estate research firm Liases Foras. “Firms with deep pockets are making these investments, keeping in mind long-term prospects.”
