In a strategic expansion move, Nippon Life India Asset Management Ltd. has acquired two premium commercial properties at One Lodha Place in Mumbai’s Lower Parel locality, for a combined value of ₹486.03 crore, according to IGR documents reviewed by Square Yards.

Lower Parel, a major commercial suburb of Mumbai known for its premium office spaces, provides direct connectivity to the Eastern Express Highway and the Bandra-Worli Sea Link, paving connectivity to other parts of the city. One Lodha Place is ready-to-move commercial project developed by Lodha Group (Macrotech Developers) in Mumbai’s Lower Parel.

Anand Moorthy, co-founder and CBO, Capital Market & Services, Square Yards said the recent acquisition by Nippon Life India Asset Management exemplifies the ongoing trend of both domestic and multinational firms particularly in BFSI sector acquiring office space in Mumbai.

Offerings apart from BKC

While Bandra-Kurla Complex (BKC) remains a flagship commercial hub, there is a noticeable uptick in demand for office spaces in micro-markets such as Lower Parel, Andheri and the Malad-Goregaon corridor from MNCs, he said.

“We are also witnessing more than a 40 per cent increase in market value for Grade-A spaces for the first time in a decade, highlighting Mumbai’s status a global business powerhouse,” he added.

According to Square Yards, the transactions, both registered in November 2024, involve a total transacted area of 4,846.01 square meters (52,162 square feet). The first acquisition, valued at ₹245 crore, spans 2,444.56 sqm (26,313 sqft), with a stamp duty of ₹15 crore and includes 44 car parking spaces. The second acquisition, valued at ₹241 crore covers 2,401.45 sqm (25,849 sqft), with a stamp duty of ₹14 crore and includes 43 car parking spaces.

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