Clear Bridge Ventures Buys IT Park, 2 Acre in Mumbai for Rs 3.35 Bn

02 Sep 2024 CW Team

Clear Bridge Ventures, a venture capital and investment firm, has acquired an information technology (IT) park and the nearly 2-acre land parcel on which it is built in Malad, a western suburb of Mumbai, from Property Ventures (India) for Rs 3.35 billion.

The seller, a subsidiary of RK Marbles, owned the IT Park 4th Dimension and the land parcel located on Linking Road. Developed in 2002, the property consists of a ground floor plus six additional floors and offers over 147,000 square feet of saleable built-up area, including 129 parking slots for cars and transportation vehicles.

According to documents accessed through the real estate data analytics firm CRE Matrix, the buyer paid a stamp duty of Rs 210.86 million for the registration of the deal, which was finalized on August 23.

Clear Bridge Ventures specializes in venture capital and investments, focusing on funding and providing strategic support to startups and emerging businesses.

The demand for office properties in India has seen a substantial increase, driven by the rapid expansion of the IT and ITeS sectors, the rise of startups, and the growing trend of hybrid workspaces.

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