DCB Bank buys office space in Mumbai’s Lower Parel for ₹37 crore
Premium- Templecraft Realty LLP has sold the 15,464 sq ft unit, which has 15 car parks, on the eighteenth floor of Tower A, to DCB Bank. The sale deed was signed in December
Bengaluru: DCB Bank Limited has bought an office unit in Peninsula Business Park, in Mumbai’s Lower Parel area, for ₹37.11 crore, according to documents accessed by real estate data and analytics firm Propstack.
Templecraft Realty LLP has sold the 15,464 sq ft unit, which has 15 car parks, on the eighteenth floor of Tower A, to DCB Bank. The sale deed was signed in December.
“The Mumbai office market has been resilient during the pandemic and this transaction is yet another indicator of the pent-up demand. That said, corporates are currently cautious about the new wave and the anticipated restrictions. Against that backdrop while companies plan a hybrid space strategy, DCB seems to have settled on a long-term strategy with this office acquisition. The fact that they’ve been a tenant in the same building for the last few years would’ve also influenced this decision," said Raja Seetharaman, co-founder, Propstack.
According to the sale deed, DCB Bank has its registered office in Peninsula Business Park.
A Templeton Realty spokesperson didn’t respond to queries.
Recently, rating agency Crisil Ltd sold an office property in suburban Mumbai for about ₹49 crore to Amoreux Enterprise Pvt Ltd.
The Mumbai Metropolitan Region (MMR) office market is showing renewed optimism as leasing volume and new project completions picked up momentum in the latter half of 2021, property advisory Knight Frank India said in a report on Wednesday. Despite the temporary pause due to the second wave of covid-19, businesses are now stabilizing, construction sites are fully operational, developers are restructuring their business plans to accommodate the new normalcy and the recovery is looking good, the Knight Frank report said.
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However, with the third wave setting in, property analysts are again unsure about occupiers taking up new space until the uncertainty recedes.
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