Mukul Agrawal buys office space in Lodha's Worli project for ₹163 crore
Investor Mukul Agrawal has bought 20,000 sq. ft of office space for ₹163.08 crore in an under-construction commercial project by Lodha Developers Ltd in Mumbai's upscale Worli neighbourhood, underscoring demand for premium office spaces among business owners and investors.
The space occupies the entire 46th floor of the 60-storey Lodha Promina tower. Agrawal bought two office units on the floor through separate transactions, with the spaces to be combined for use. The transactions were registered on 6 November, according to documents from the Department of Registration and Stamps, Maharashtra. The purchases were made in the names of Param Capital and Param Capital Research Pvt. Ltd.
Founded in 1993 by Agrawal, Param Capital is a capital market investment and trading firm that practises long-term, value investing across private and public markets.
“At the highest end of the commercial real estate market, buyers are investing in an address that reflects their business stature, ambitions and long-term vision. They also look for seamless connectivity to key business districts such as Bandra-Kurla Complex and Nariman Point, along with easy access to the airport,” said Fatima Zaidi, head-luxury sales at property advisory Anarock Property Consultants.
A Lodha spokesperson didn't respond to queries. Agrawal could not be reached immediately.
Selling luxury offices
Mumbai-based Lodha Developers is among the country's top four residential developers by sales, but has also selectively built commercial office projects. The realty firm has previously sold office spaces in projects such as Lodha Signet and One Lodha Place in Mumbai.
Lodha Promina is being developed on two acres of a six-acre land parcel, where Lodha Developers is separately building a high-end residential project.
“The Lodha Promina project has large floor plates and is being marketed and sold just like a luxury residential project. These spaces are being bought by end-users,” Zaidi added.
In 2023, Param Capital director Asha Mukul Agrawal bought three luxury apartments for around ₹263 crore in Lodha Developers' residential tower Lodha Malabar, in south Mumbai's Malabar Hill neighbourhood.
Beyond Mumbai
While residential projects remain Lodha Developers' primary focus, the company is also building a commercial office portfolio.
Lodha Developers Ltd recently entered the National Capital Region (NCR) with a ₹1,600-1,700 crore commercial office project in Gurugram, marking its latest expansion beyond its traditional markets as developers from Mumbai and Bengaluru increasingly turn to the region, Mint reported in October.
The company has launched Lodha Pantheon on Golf Course Road in Sector 28, Gurugram, where it plans to sell office spaces rather than retain the property for rental income, Sushil Kumar Modi, executive director-finance at Lodha Developers, had said in a recent interview.