ITC snaps up 38 luxe flats in Mumbai for INR 140 Cr

In one of the biggest big-ticket corporate realty deals in recent months, Kolkata-based diversified business conglomerate ITC has reportedly picked up 38 luxury apartments in L&T Realty's Crescent Bay project at Parel in central Mumbai for a jaw-dropping INR 140 Cr.

Confirming the purchase company sources further revealed that the newly purchased apartments in the upcoming residential complex project will house the company's executives.

According to industry watchers, while the big-ticket purchase itself spells good news for Mumbai developers staring at a rising pile of unsold inventory, courtesy the ongoing slump in realty sales, what has made the industry stand up and take notice is the fact that the cigarettes-to-biscuits major has opted for an outright purchase agreement, contrary to the general corporate preference for leased realty arrangements.

While ITC officials have refused to reveal the exact numbers, the company is understood to have negotiated an attractive valuation of approx INR 23,000 psf to seal the deal, while the prevailing market rate for flats in that location is said to range from INR 25,000 - 27,000 psf.

About the project:
Crescent Bay is a marquee project being developed by L&T Realty in collaboration with the Omkar Group at Bhoiwada, in the centrally-located South Mumbai hub of Parel with assured connectivity to key business districts like Nariman Point and BKC as well as easy accessibility to the airports, malls and hotels.

The project comprises of 6 residential towers aligned to form a moon-like crescent shape when viewed from afar on an elevated podium offering panoramic views of the city skyline and the Arabian Sea.

The project also features a range of modern amenities designed to rejuvenate and relax such as a sky garden with jogging track (at a height of approx 300 ft), swimming pools, spa, sauna & Jacuzzi, squash & badminton court, yoga & meditation lounge and a mini-theatre.

Other facilities on offer here include: high-speed elevators in all buildings, modern fire-fighting equipment, three-tier security with CCTV surveillance, rainwater harvesting, solar-powered street lighting and STP-treated water for landscaping. 

The plush residential complex houses spacious apartments in the configuration of 2 and 3 BHK, ranging from 1,320 - 2,100 sq ft and priced between INR 3 - 5 crore. Also available here are sprawling 4 BHK apartments for those who can take living-it-up a notch higher.

Ray of Hope
With realty sales showing no signs of picking up in the near future, the ITC deal has come as a pleasant surprise for the city's developer community and is being viewed as a smart investment decision by the company.

It may be recalled that while earlier large corporate were known to own several residential apartments across up market south-Mumbai locations, many of these were later sold when the companies shifted their operations to the suburbs.

Prime examples of this trend are companies like Glaxo and Hindustan Unilever which opted to sell their land holdings at Worli and Churchgate respectively in addition to putting several company-owned South Mumbai apartments in posh areas like Worli, Malabar Hill, Nepeansea Road and Carmichael Road on the block. Others like banking major Citibank too are understood to have hived off almost a dozen apartments across locations in the last few years.
(all prices & specifications mentioned above are purely indicative.)