Landmark Deals Reshape Navi Mumbai and South Mumbai's Commercial Landscape

Morningstar, an American financial services giant, has secured 300,000 sq ft of office space in Vishwaroop IT Park, Vashi, under a 10-year lease agreement. Property market insiders revealed that the annual rental stands at approximately ₹38 crore, with a 5% annual increment. Over the lease term, the company is expected to pay ₹450 crore in rentals, underscoring Navi Mumbai’s growing appeal for commercial and IT operations due to its robust infrastructure and seamless connectivity with Mumbai.

Navi Mumbai’s Emergence as a Leasing Hotspot

Industry experts highlight that Navi Mumbai is witnessing a surge in high-value lease transactions, with Vashi and Palava standing out as preferred locations. Amazon India recently acquired a 38.18-acre land parcel in Palava for ₹450 crore from Lodha Developers (Macrotech Developers) to build a hyperscale data center, further cementing the region’s status as a commercial hub.

Key Tenants at Vishwaroop IT Park

Vishwaroop IT Park, developed by The Wadhwa Group, boasts an impressive lineup of tenants, including ICICI Lombard General Insurance, Nomura, Alight Solutions, Star Union Dai-ichi Life Insurance, CarTrade, and TSI Worldwide, among others. This adds to the park's reputation as a premier destination for IT and corporate offices.

Major Acquisition in South Mumbai

In a separate transaction, Ivory Property Trust (K Raheja Corp) has acquired Bayside Mall and the adjoining Popular Press building at Tardeo, South Mumbai, for ₹355 crore. The deal was finalized in August, with a stamp duty of ₹21.30 crore. The mall spans approximately 21,000 sq ft and is strategically located near the Haji Ali junction.

Tardeo’s High-Value Transactions

This marks K Raheja Corp's second major acquisition in Tardeo this year. In April, the company purchased SoBo Central Mall for ₹476 crore from Bansi Mall Management Company, owned by Kishore Biyani.

Flashback to India’s First Mall

Crossroads, India’s first mall launched in 1999 by the Ashok Piramal Group, revolutionized retail in the country. Initially, customer traffic was so overwhelming that entry was briefly restricted to credit card or mobile phone holders, or by paying an entry fee of ₹60. However, challenges in the retail sector eventually led the group to exit the mall management business.

News Disclaimer

This article is based on insights from property market sources and publicly available transaction data. It does not represent direct statements from involved parties. 

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