Titan Company has purchased commercial space spread across three floors in a ready project in Borivali suburb of Mumbai for Rs 100 crore. The Tata Group company is already operating a store of its jewellery brand Tanishq from this premise.
The commercial space spread over 16,280 sq ft carpet area in the building, Vini Elegance, is spread across ground, first floor and upper basement.
The seller had availed term loans against the said property through a lease rental discounting facility from Axis Bank in April 2021. Axis Bank’s dues against the property were around Rs 37.32 crore. Titan Company has deducted this amount from the seller’s price and repaid the lender’s dues.
As part of the deal, Titan Company will also get exclusive access to 18 car parking slots in the building. The buyer has paid stamp duty worth Rs 6 crore for the registration of the transaction that took place on Thursday, showed the documents accessed through CRE Matrix.
Of the total space, 5,829.67 sq ft carpet area is on the ground floor, around 6,326 sq ft carpet area is on the first floor and the upper basement area is spread over 4,127.24 sq ft in addition to 18 car parking slots.
For the quarter ended March, Titan Company reported 40% on-year growth in its consolidated net profit at Rs 736 crore. The lifestyle retailer recorded 26% on-year rise in total income for the quarter at Rs 9,419 crore.
In the jewellery segment, the company’s total Income increased by 24% from a year ago to Rs 7,576 crores. In watches & wearables segment, its total Income rose 40% on-year to Rs 871.
During the financial year 2022-23, the company has significantly added to its retail network presence, both in India and overseas.
In the jewellery segment, it added a total of 97 stores in 2022-23 taking its total count to 541 stores spread across 253 cities including 7 international stores in Dubai, Abu Dhabi, and USA.
In watches & wearables segment too it added 162 stores during the year taking its total store count to 1,005 stores across 306 cities. Other key verticals including EyeCare added 168 stores, Caratlane added 84 stores and Taneira also launched 21 to expand their respective network during the year.