Bernhard Schulte's India arm buys Mumbai office space for ₹304 crore

The India arm of Bernhard Schulte Shipmanagement (BSM) has bought office space worth ₹304 crore in Kalpataru Virtus, a commercial project by real estate developer Kalpataru, located on the Jogeshwari–Vikhroli Link Road (JVLR) in Vikhroli (West), Mumbai, according to people familiar with the development.

 

The under-construction Kalpataru Virtus comprises a basement, ground floor, 10 levels of podium parking, and 20 office floors. BSM has purchased about 93,000 sq ft of carpet area spread across the 15th to 20th floors, translating to a deal value of around ₹32,688 per sq ft. The transaction was finalised last week, sources said.

 

BSM, which currently operates from Powai, manages a diverse fleet of vessels including bulk carriers, container ships, and tankers. The newly acquired office space is intended to accommodate the company’s growth and provide a modern, flexible workspace for its teams, the company noted, while responding to Business Standard's queries.

 

“This investment reflects our ongoing commitment to India as a key location for our global ship management operations and to contributing to the country’s growing maritime sector,” BSM said.

 

The project, spread across 4,547 sq metres of land, has a Rera carpet area of about 275,000 sq ft and a chargeable area of 458,000 sq ft. It is expected to be completed by 2027, according to sources.

 

Kalpataru said the project’s location near key business districts—Powai, Ghatkopar, Andheri, and other western and northern suburbs—is one of its major advantages. “Kalpataru Virtus features signature workspaces designed for those who have experienced success but are not done yet,” the developer notes in its project description. The property is located at Gandhi Nagar Junction with connectivity via road, rail, and metro.

 

“India is an important market for BSM because of its large pool of skilled seafarers and its growing importance in global trade,” BSM added. “Over the last decades, we have continuously expanded our presence and invested in training facilities to develop this talent and meet global demand for qualified crew. The market also offers opportunities for BSM’s other services, such as technical consultancy and specialised maritime solutions.”

 

India’s commercial real estate market has been witnessing an upcycle amid robust demand for high-quality office spaces. In the first nine months of 2025, the Mumbai Metropolitan Region (MMR) recorded office space demand of 12.6 million sq ft compared to 12.4 million sq ft in the same period last year, according to a report by Credai and CRE Matrix. The top-performing micro-markets included Navi Mumbai (North), Eastern and Western Suburbs, Thane, Andheri, and Central Mumbai.

 

Additionally, the JVLR corridor—a six-lane stretch connecting the Western and Eastern Express Highways—has emerged as a key commercial real estate micro-market in recent years.