The L&T Powai office deal highlights strong investor demand for premium office assets in Mumbai. Larsen & Toubro sold three office floors in Technology Centre IV at Powai, Mumbai, for ₹80.95 crore. National Realty Pvt Ltd purchased the property. The transaction reflects growing interest in premium commercial assets across Mumbai. According to data accessed through CRE Matrix, both companies completed the payment in phases.
Deal Details
The L&T Powai office deal covers 37,527 sq ft of carpet area across the 9th, 10th, and 11th floors of Technology Centre IV on Saki Vihar Road in Powai. Each floor measures around 12,509 sq ft. The agreement also includes 54 stack car parking spaces. Both companies registered the transaction on March 10, 2023. National Realty paid ₹4.85 crore as stamp duty for the transaction.
National Realty paid ₹8.09 crore in January 2023 under the agreement terms. The company paid another ₹7.85 crore in February 2023. The company scheduled the remaining ₹65 crore payment for March 2023. The phased payment structure helped both parties complete the transaction smoothly. The L&T Powai office deal also reflects rising interest in leased office properties.
About National Realty Pvt Ltd
National Realty Pvt Ltd operates as a family-owned business promoted by Kamal Kishore Jain and Sorabh Jain. The company started operations in 1983. The business focuses on acquiring commercial properties with long-term growth potential. The company owns more than 65 commercial properties across Mumbai, Pune, Kolkata, and Nashik. It also manages more than 200 tenants across its portfolio.
Multinational companies account for a major share of the tenant base. The company mainly focuses on income-generating office properties. The latest acquisition strengthens its Mumbai commercial portfolio. The L&T Powai office deal adds another leased office asset to the company’s holdings. National Realty continues expanding through strategic commercial investments.
Existing Lease Agreement at the Property
Before the sale, Larsen & Toubro leased the office space to CitiusTech Healthcare Technology Pvt Ltd in December 2022. The leave and licence agreement runs for 120 months. The licence started on December 26, 2022. L&T offered the first four months as a rent-free period. The agreement supports stable long-term rental income from the property.
L&T fixed the first-year monthly rent at ₹61.65 lakh at ₹164 per sq ft. The agreement includes a 5% rent escalation in the second year. After that, the agreement increases the rent by 4.2% every year until the 10th year. The monthly rental value will reach ₹89.96 lakh in the 10th year. The L&T Powai office deal also includes the transfer of this lease arrangement.
Additional Property Features
The agreement states that National Realty Pvt Ltd will take over the lease arrangement with CitiusTech Healthcare Technology Pvt Ltd. The company will also receive the ₹3.69 crore security deposit and future licence fees. This arrangement ensures uninterrupted rental income for the buyer. The structure also strengthens the long-term value of the acquisition. The tenant will continue operating from the property under the existing agreement.
The property includes facilities such as a café, gymnasium, crèche, recreational room, food court, training room, and EV charging stations. Larsen & Toubro will initially manage the Common Area Maintenance charges. Later, National Realty will share the maintenance expenses proportionately.
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