Macrotech Developers sells office space worth 188 crore to National Realty

Realty developer Lodha Group, listed at Macrotech Developers, has sold 1.62 lakh sq. ft. office
space spread across five floors in its commercial project Lodha iThink in Kolshet locality of
Thane to another property development and investment company National Realty for Rs 188
crore.
The local developer has bought the office space on 6th, 10th, 11st, 12th and 14th floor of one of
the towers of the commercial development at Rs 11,627 per sq. ft. on carpet area basis, which is
in line with the ongoing property rates in the vicinity.
The transaction for these office spaces off Eastern Express Highway was executed and
registered on April 15, showed the documents accessed through real estate analytics firm
Propstack.
The buyer has acquired the properties not for self-occupancy but with an objective to lease them
out to tenants, said property brokers.
ET’s email query to Macrotech Developers remained unanswered, while National Realty could
not be reached immediately.
National Realty Pvt Ltd, formerly known as National Leasing Ltd., a real estate investment
company is engaged in the business of acquiring properties mainly commercial offices and
leasing the same to corporate companies and banks.
The company identifies and acquires growth potential commercial properties for income and
growth in capital values. It owns more than 60 office properties, primarily focused on Mumbai
Metropolitan Region (MMR), and in Pune, Kolkata, Nashik, with tenants from multiple industries.
The company has over 200 tenants across assets over the last nearly four decades with most of
its clients being multinational companies.
In an indication of higher momentum in office space leasing activity, the combined net office
space absorption has risen to the highest level in the last two years, marred by the outbreak of
Covid19 pandemic.
Across the top seven cities of India, net office leasing rose 113% from a year ago to 11.55
million sq ft in the first quarter of 2022, showed data from JLL India. However, the performance
was similar to the last quarter due to lingering uncertainties surrounding the pandemic.

The technology sector continues to be the highest occupier segment in terms of market activity
and was well supported by demand from flexible office space providers.
The flex segment leased 2.2 million sq ft of space during the quarter, the highest since the
pandemic broke. This is also more than 50% of the total annual space leased by this segment in
each of 2020 and 2021.