Aristo Pharmaceuticals has secured office space spanning two floors within a commercial tower located in Andheri West, a western suburb of Mumbai, in a transaction valued at over Rs 111.26 crore, marking one of the significant outright office deals this year.
The pharmaceutical firm has acquired units on the first and second floors of Parinee I from the real estate developer Parinee Realty and an individual seller. This transaction was officially registered on March 27. The total carpet area of the acquisition exceeds 18,300 sq ft, while the usable area, which includes loft space, is approximately 28,300 sq ft, as indicated by property registration documents obtained through the realty data analytics platform Propstack.
The deal reflects a carpet rate of around Rs 60,800 per sq ft, demonstrating ongoing demand for premium commercial properties in Mumbai’s western suburbs. Importantly, the transaction was carried out through seven distinct agreements, suggesting a methodical acquisition of multiple units within the same building.
The office tower represents a completed commercial development and has attracted transactions from both investors and occupants. Andheri West has consistently been a vital commercial micro-market, bolstered by its connectivity, closeness to business districts, and access to social infrastructure. The area continues to attract steady interest from corporations aiming to consolidate or expand their office footprint.
The acquisition by Aristo Pharma highlights a broader trend of end-users investing in owned office spaces in response to changing workplace strategies and a growing preference for asset ownership over leasing in certain scenarios. While leasing activity remains predominant in the office market, outright purchases by occupiers indicate a long-term commitment to specific locations and can provide cost efficiencies over time, especially in well-established commercial hubs like Andheri West.
