The Mumbai-based developer has sold about 1,61,685 sq ft at ‘Lodha iThink’ on Kolshet Road, in Thane (west). National Realty paid stamp duty of ₹11.26 crore for the office space that is spread across the sixth, tenth, eleventh, twelfth and fourteenth floors of the building, and will have access to 173 car parks.
The transaction was registered on 15 March, according to documents accessed by real estate data and analytics firm Propstack.
Lodha iThink is a 1.2 million sq ft development, and is a ground-plus-fourteen story building, which also has four parking floors.
“The office market in Thane has been steady over the last few years and there may be an opportunity for a rental upside for the right projects. Many developers are also getting their projects WELL and LEED certified. Considering the residential catchment or employee pool in Thane, we may see similar investments in the near term," said Raja Seetharaman, co-founder of Propstack.
Spokespersons of Macrotech Developers and National Realty didn’t respond to email queries and text messages.
In another outright sale transaction, wire and cable manufacturer Polycab India recently acquired a 55,400 sq ft office, spread over two floors, at commercial tower The Ruby in Dadar in central Mumbai for over ₹202 crore.
The commercial office sector is again seeing a pick up in leasing momentum, as the pandemic wanes and companies ask employees to return to offices.
