Indian real estate giant Hiranandani Group has signed a deal with Canada’s Brookfield Asset Management for the sale of a commercial space in Mumbai’s upscale area of Powai. Considered the largest commercial property in the country, the space will be sold for around $1 billion, or about Rs 6,700 crore.

The property spreads across an area of over 4.5 million sq ft and houses big ticket firms such as Tata Consultancy Services, Nomura Group and Deloitte Consulting India.

Brookfield Asset Management is a global alternative asset manager with over $240 billion in assets under management worldwide.

While an official confirmation was not received as of writing this report, the Hiranandani Group had earlier indicated that several investors are bidding to take over this high-end property.

As the residential sector in India has hit a dead end with unsold inventory mounting, real estate players are maintaining the flow of cash by dealing in the commercial spaces market. The Hiranandani Group has also invested in multiple high-end residential projects which take several years to develop and yield results.

In view of the poor growth in the residential market space, this move can be seen as one taken to allow a flow of cash.

Also Read:

Why Indian Real Estate Will See A Crash, Or At Least A Long Period Of Stagnation

Real Estate Was A Dud In 2015; The Business Model Is On Its Last Legs

Commercial property

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