ICICI Prudential AMC Acquires Office Tower from Kalpataru in Mumbai for Rs 315 Crore

ICICI Prudential AMC Acquires Office Tower from Kalpataru in Mumbai for Rs 315 Crore

ICICI Prudential AMC Acquires Office Tower from Kalpataru in Mumbai for Rs 315 Crore

ICICI Prudential Asset Management Company has purchased an entire commercial tower in Santacruz, Mumbai, for over Rs 315 crore from realty developer Kalpataru’s subsidiary, Ixora Properties. This newly acquired tower, part of the Kalpataru Infinia project, is expected to become the asset management company's new head office. The 12-storey building, along with three basements, offers a carpet area of over 60,000 sq ft and is built on one-third of an acre. Another tower in the project, offering over 120,000 sq ft of office space, is still under construction.

This acquisition is noteworthy amidst the current trend of leasing rather than purchasing office space outright. ICICI Prudential AMC paid over Rs 18.90 crore in stamp duty for the transaction, which was finalized on June 27. A source close to the development mentioned that the asset management company plans to relocate its corporate office from Bandra-Kurla Complex to this new location, with fit-out work starting soon and operations expected to commence next year.

ICICI Prudential AMC, India's second-largest asset management company, reported average assets under management of Rs 8.03 lakh crore as of June's end. The new commercial tower is just a five-minute drive from their current office in Bandra-Kurla Complex and includes 114 vehicle parking slots.

Recent acquisitions by ICICI Prudential Life Insurance Company and ICICI Securities reflect the sustained growth in India's office sector. ICICI Prudential Life Insurance Company recently secured 252,000 sq ft of office space in IT park Mindspace, Malad West, marking one of the largest office lease transactions in the country this year. Additionally, ICICI Securities leased more than 188,000 sq ft of office space in IT park Mindspace, Juinagar, Navi Mumbai, for over 12 years.

Despite global economic challenges, the Indian office sector has shown robust demand. Net absorption in India’s top seven office markets reached 41.97 million sq ft in 2023, the second-highest annual absorption on record, trailing only 2019 levels. This performance underscores the strong demand fundamentals and resilience of the Indian office market.
About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.


Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.


  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/