Torrent Pharmaceuticals has bought an office space in Mumbai’s Dadar area for Rs 75.70 crore, documents accessed by Propstack showed.
The property located on the 22nd floor of (25th floor as per MCGM plan) the Ruby Building North Wing on Senapati Bapat Marg at Dadar is spread across an area of 14,737 sq.ft and comes with 10 car parking slots.
The buyer has paid a stamp duty of Rs 4.54 crore. The documents were registered on June 27. The sellers are Ku Mu Rohitaksh S Kotian and Mindset Estate Pvt Ltd.
A query sent Torrent Pharmaceuticals Managing Director Samir Uttamlal Mehta remained unanswered.
“We continue to see strong demand for front office space in Central Mumbai including Dadar-Lower Parel. While there has been a gradual increase in new leasing and renewals, outright transactions indicate long-term commitment. Most pharma companies have experienced above-average growth over the last 18-24 months and this transaction is yet another example of the sector’s overall growth,” said Raja Seetharaman, co-founder, Propstack.
The Indian pharma industry has grown by double digits over the last few years primarily due to sales of COVID-19 products. Many companies are choosing to re-invest part of their profits into real estate by buying offices for self-use in projects/locations where the prices are expected to increase in the medium to long term. This strategy shows long-term commitment, ensures business continuity as well as helps deploy unused capital, he said.
In March this year, Polycab India Ltd bought a commercial space in Mumbai’s Dadar West area for Rs 202 crore. Ruby Mills had sold the 23rd and 24th floors of commercial space spread across an area of 55383.65 sq. ft to Polycab India Ltd, the transfer deed showed.
The property is located in The Ruby Building at Dadar West in Mumbai. It comes with 40 car parking slots, the document showed.