Property Ventures (India) has sold an Information Technology (IT) park and the almost 2-acre plot of land on which it is situated in Malad, a western suburb of Mumbai, to Clear Bridge Ventures, a venture capital and investment organisation, for Rs 3.35 billion.
The land parcel on Linking Road and the IT Park 4th Dimension belonged to the vendor, which is a subsidiary of RK Marbles. The property, which was developed in 2002, has six levels in addition to the ground floor and provides roughly 147,000 square feet of saleable built-up area, including 129 parking spaces for automobiles and transit vehicles.
Documents obtained by the real estate data analytics company CRE Matrix show that the buyer paid Rs 210.86 million in stamp duty to register the sale, which was completed on August 23. Clear Bridge Ventures is an expert in venture capital and investments, concentrating on financing and offering new and developing companies strategic support.
The rapid growth of the IT and ITeS industries, the emergence of startups, and the expanding trend of hybrid workplaces have all contributed to a significant increase in the demand for office space in India.
Source: Construction World
