Agarwal Holdings buys Rs 455 cr land parcel from Shapoorji Pallonji Group

Land parcel is situated in Juhu, a prime Mumbai locality

Agarwal Holdings Private Limited, a financial services provider, has acquired a land parcel for Rs 455 crore in Juhu, a prime Mumbai locality, from Shapoorji Pallonji Gwalior Private Limited, a part of the Shapoorji Pallonji Group, as per the registration document provided by Square Yards.

 

According to the document, the land parcel spans an area of approximately 19,589.22 square feet. The transaction was finalised and registered in November 2024, with a stamp duty of Rs 27.30 crore.

 

Earlier, in September 2022, Agarwal Holdings had acquired land parcels worth Rs 332.8 crore in Juhu. These acquisitions covered areas of 75,218.13 square feet.

 

Anand Moorthy, co-founder and chief business officer (CBO), capital market and services, Square Yards, believes that Mumbai’s position as India’s financial capital and a strategic business hub continues to attract banking, financial services, and insurance (BFSI) firms and their allied industries to the city.

 

In November 2024, Nippon Life India Asset Management Limited acquired two premium commercial properties at One Lodha Place in Mumbai's Lower Parel locality for a combined value of Rs 486.03 crore.

 

Moorthy stated that such transactions highlight the city’s enduring appeal for both commercial and residential investments. “Key hubs such as the Bandra-Kurla Complex (BKC) and prime locations across Southern and Western Mumbai have firmly established themselves as sought-after destinations for commercial and luxury real estate. In a market defined by limited land availability and high demand, securing a foothold in Mumbai provides businesses with a competitive edge while offering robust return on investment (ROI) potential, fuelled by escalating land and property values and a thriving commercial ecosystem,” he added.

 

Additionally, the BFSI sector has seen a surging demand for office spaces, as the sector’s gross leasing share increased from about 11 per cent during 2017–2019 to 17–18 per cent over the last two years, as per JLL India.

 

Between January and September 2024, the BFSI sector accounted for 16.4 per cent of the 53.4 million square feet of total gross leasing activity in the country. The sector emerged as the second-largest occupier in India, following the information technology (IT) and IT-enabled services (ITeS) sector. The data showed that domestic BFSI firms heavily favoured Mumbai, with the city alone accounting for a 44 per cent share of leasing activity by such firms since 2022.