ICICI Prudential AMC buys an office tower worth Rs 3.15 Bn
Real Estate

ICICI Prudential AMC buys an office tower worth Rs 3.15 Bn

The real estate developer Kalpataru's affiliate, Ixora Properties, has sold the complete commercial tower in Santacruz, a western suburb of Mumbai, to ICICI Prudential Asset Management Company for a sum exceeding Rs 3.15 billion. The asset management company's new headquarters are most likely to be located in the recently purchased tower, which is situated on a third of an acre.

The office building, one of Kalpataru Infinia's towers, has a carpet area of more than 60,000 square feet and is a 12-story skyscraper with three basements. With nearly 120,000 square feet of office space, the project's other tower is presently being built. The transaction is significant given the current trend of leasing office property rather than purchasing it altogether.

For the registration of the transaction that happened on June 27, the asset management business had to pay stamp duty of more than Rs 0.18 billion, according to papers accessible through FloorTap.com, a commercial real estate marketplace. The asset management firm intends to move its corporate headquarters from the Bandra-Kurla Complex to this recently acquired office space. According to a source familiar with the situation, the firm plans to move into this new office by the end of the year, and the fit-out work is anticipated to start soon.

As of June's end, the average assets under management of India's second-largest asset management business were Rs 8.03 trillion. Five minutes' drive from the company's current headquarters in the Bandra-Kurla Complex, the commercial skyscraper boasts.

The real estate developer Kalpataru's affiliate, Ixora Properties, has sold the complete commercial tower in Santacruz, a western suburb of Mumbai, to ICICI Prudential Asset Management Company for a sum exceeding Rs 3.15 billion. The asset management company's new headquarters are most likely to be located in the recently purchased tower, which is situated on a third of an acre. The office building, one of Kalpataru Infinia's towers, has a carpet area of more than 60,000 square feet and is a 12-story skyscraper with three basements. With nearly 120,000 square feet of office space, the project's other tower is presently being built. The transaction is significant given the current trend of leasing office property rather than purchasing it altogether. For the registration of the transaction that happened on June 27, the asset management business had to pay stamp duty of more than Rs 0.18 billion, according to papers accessible through FloorTap.com, a commercial real estate marketplace. The asset management firm intends to move its corporate headquarters from the Bandra-Kurla Complex to this recently acquired office space. According to a source familiar with the situation, the firm plans to move into this new office by the end of the year, and the fit-out work is anticipated to start soon. As of June's end, the average assets under management of India's second-largest asset management business were Rs 8.03 trillion. Five minutes' drive from the company's current headquarters in the Bandra-Kurla Complex, the commercial skyscraper boasts.

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?