Axis Bank purchases land worth 320 cr in Mumbai

Commercial real estate markets in Mumbai are picking up since the last year especially after pharmaceutical major Abbott bought 435,000 sq ft in the Godrej BKC at the Bandra Kurla Complex, from Godrej Properties for Rs 1,479 crore. Moreover, in one of the biggest office property transactions in the city, Axis Bank recently bought 200,000 sq ft of space at The Ruby office complex in Dadar West for Rs 320 crore, according to sources.

Ruby Mills developed the property, a one million sq ft commercial project, in partnership with Rohan Lifescapes and sold it to Axis Bank for 16,000 per sq ft in the last quarter. According to Property experts, it is a profitable deal for Axis as prices in the nearby buildings on Senapati Bapat Marg range anywhere between Rs 17,500 and Rs 18,500 a sq ft. So, the bank is getting an eight to 10 per cent discount.

“The office spaces market of Mumbai has started showing strong fundamentals, evident from the revived occupier demand. With a new state government and positive vibes from the Centre in terms of favourable policies for real estate and major infrastructure projects, 2016 looks promising for the sector,” said Colliers International, a multinational real estate services entity.