Larsen & Toubro’s realty arm, L&T Seawoods Limited, has successfully sold 59,457 sq ft of commercial space for ₹100 crore to Suryoday Small Finance Bank. This transaction, located in the bustling Seawoods Grand Central, Navi Mumbai, comprises 12 commercial units and includes 58 car parking spaces. The deal was officially registered on July 4, 2024, as per property registration documents accessed by PropStack.
Suryoday Small Finance Bank paid a stamp duty of ₹6.31 crore along with a registration fee of ₹30,000, which brings the per square foot rate for the transaction to ₹16,828. An L&T spokesperson highlighted that Seawoods Grand Central is emerging as a major hub for corporate offices, thanks to its prime location and modern facilities. The spokesperson further mentioned that the premium 11th floor of the building is still available, attracting considerable interest from potential buyers.
In addition to this significant deal, another noteworthy transaction took place in Seawoods Grand Central. JSW Infrastructure, a subsidiary of the Mumbai-based conglomerate JSW Group, purchased 52,695 sq ft of office space on the second floor for ₹88.11 crore. This deal was registered on July 16, 2024, and includes 52 car parking spaces. These transactions underscore the growing appeal of Seawoods Grand Central as a prime location for corporate offices.
Seawoods Grand Central has quickly become a sought-after destination for businesses due to its strategic location in Navi Mumbai, a satellite city near Mumbai, and its state-of-the-art infrastructure. The recent sales reflect a broader trend in the commercial real estate market, where companies are increasingly seeking premium office spaces to accommodate their growing operations.
These high-profile transactions come at a time when the office space market in India is experiencing a robust recovery. According to a report by Knight Frank India, a real estate consultancy firm, the office space market across the top eight cities in India recorded its highest ever transaction volume in a half-year period, reaching 34.7 million square feet (mn sq ft) in H1 2024. This marks a 33% year-on-year growth from 26.1 mn sq ft in H1 2023. The report suggests that this trend is likely to continue, with expectations of surpassing 70 mn sq ft by the end of the year, driven by renewed demand from IT and ITeS companies.
The strong performance of the office space market is a positive indicator of economic recovery and growing business confidence. Seawoods Grand Central, with its modern amenities and strategic location, is well-positioned to capitalize on this trend, attracting leading corporations looking for premium office spaces.
L&T Seawoods Limited’s recent sales to Suryoday Small Finance Bank highlight the growing demand for high-quality commercial real estate in Navi Mumbai. As businesses continue to expand and seek out prime office locations, Seawoods Grand Central is set to remain a key player in the commercial real estate market.
