Raymond, Lodha put Mumbai office properties on the block

Raymond owns two floors in the Mahindra Towers at Worli in Mumbai

Textile and apparel company Raymond and Lodha Developers, the country’s largest realtor by sales, have put their Mumbai office properties on the block.

Raymond is selling 26,000 sq ft of its built-up office space in the Mahindra Towers in Worli area, said sources in the know. Raymond owns two floors in the building, which houses the headquarters of automobile major Mahindra group. Raymond is believed to be shifting its corporate office to Thane where it has a big office complex.

Consultants expect the sale to fetch about Rs 65 crore to Raymond, given the selling price of Rs 20,000-25,000 a sq ft in the area. A Raymond spokesperson said they couldnot comment due to the silent period ahead of results.

Lodha is also looking to sell 76,194 sq ft office property in Lodha Excelus in Mahalaxmi and move to its property project New Cuffe Parade. 

The property has a reserve price of Rs 18,000 per sq ft. Consultants expect Lodha to make about Rs 200 crore from the sale. A public relations executive for Lodha said they do not have a comment on the subject.

“Lodha must be shifting because they have created a premium mix use large destination in Wadala. Wadala and Thane are becoming central locations because of a new airport and other major infrastructure is reaching there. Raymond must be leveraging real estate assets as they have large land,” said Ashok Kumar, managing director at Gennext Partners, a commercial property consultant. Property consultant JLL is advising both on the sale of the properties. 

It is not only these two who are selling office properties; about 3.5 mn sq ft of office properties have been put on the block by corporate houses and other business entities in Mumbai, National Capital Region, Bengaluru and Chennai, said the data collated by JLL.