Titan Company purchases commercial space in Mumbai for Rs 100 crore

23 May 2023 CW Team

Vini Elegance's commercial space is split throughout the ground, first, and upper basement floors, totaling 16,280 square feet.

In April 2021, the seller obtained term loans on the property from Axis Bank using a lease rental discounting facility. Axis Bank owed roughly Rs 373.2 million on the property. Titan has taken this amount from the seller's asking price and refunded the lender's debt.

Titan will also have exclusive access to 18 parking spaces in the building as part of the agreement. The buyer paid Rs 60 million in stamp duty for the transaction's registration, according to papers accessible by CRE Matrix.

The ground floor has a carpet area of 5,829.67 square feet, the first floor has a carpet area of roughly 6,326 square feet, and the upper basement section has a carpet size of 4,127.24 square feet in addition to 18 parking spaces.

Titan Company reported a 40% year on year increase in its overall net profit at Rs 7.36 billion for the quarter ended March. The lifestyle retailer's total income for the quarter increased by 26% year on year to Rs 94.19 billion.

The company's total income in the jewellery segment climbed by 24% year on year to Rs 75.76 billion. Its overall income in the watches and wearables segments increased 40% year on year to Rs 871.

During the fiscal year 2023-23, the company rapidly expanded its retail network footprint in India and beyond.

In the jewelry area, it opened 97 stores in 2022-23, bringing the total number to 541 stores spread over 253 locations, including 7 international outlets in Dubai, Abu Dhabi, and the United States.

It also added 162 locations in the watches and wearables area during the year, bringing its total store count to 1,005 across 306 cities. Other significant verticals added 168 stores, Caratlane added 84 stores, and Taneira launched 21 to expand their respective networks this year.

Titan Company has paid Rs 1 billion for commercial space spanning across three floors in a ready project in Mumbai's Borivali district. The Tata Group company already operates a Tanishq jewelry store at this location. Vini Elegance's commercial space is split throughout the ground, first, and upper basement floors, totaling 16,280 square feet. In April 2021, the seller obtained term loans on the property from Axis Bank using a lease rental discounting facility. Axis Bank owed roughly Rs 373.2 million on the property. Titan has taken this amount from the seller's asking price and refunded the lender's debt. Titan will also have exclusive access to 18 parking spaces in the building as part of the agreement. The buyer paid Rs 60 million in stamp duty for the transaction's registration, according to papers accessible by CRE Matrix. The ground floor has a carpet area of 5,829.67 square feet, the first floor has a carpet area of roughly 6,326 square feet, and the upper basement section has a carpet size of 4,127.24 square feet in addition to 18 parking spaces. Titan Company reported a 40% year on year increase in its overall net profit at Rs 7.36 billion for the quarter ended March. The lifestyle retailer's total income for the quarter increased by 26% year on year to Rs 94.19 billion. The company's total income in the jewellery segment climbed by 24% year on year to Rs 75.76 billion. Its overall income in the watches and wearables segments increased 40% year on year to Rs 871. During the fiscal year 2023-23, the company rapidly expanded its retail network footprint in India and beyond. In the jewelry area, it opened 97 stores in 2022-23, bringing the total number to 541 stores spread over 253 locations, including 7 international outlets in Dubai, Abu Dhabi, and the United States. It also added 162 locations in the watches and wearables area during the year, bringing its total store count to 1,005 across 306 cities. Other significant verticals added 168 stores, Caratlane added 84 stores, and Taneira launched 21 to expand their respective networks this year. See also: Casagrand enters the realm of commercial real estateRising Wellworth purchases 6.7 acre in Pune for Rs 2.6 billion