Jeetendra, Tusshar Kapoor Sell Mumbai Property to NTT for ₹559 Crore
Overview
Veteran actor Jeetendra and his son Tusshar Kapoor have divested a major commercial property in Mumbai's Chandivali to Japan's NTT Global Data Centres for ₹559.24 crore. The sale of the Balaji IT park asset, completed on January 9th, signals strong foreign investment in India's digital infrastructure and real estate sector, benefiting from stamp duty exemptions.
Real Estate Transaction
Actor Jeetendra and his son Tusshar Kapoor have completed a significant property sale in Mumbai, offloading a commercial asset to an arm of Japan's NTT Group for ₹559.24 crore. The registration documents, shared by realty consultant Square Yards, confirmed the transaction on January 9th. This deal involves Tushar Infra Developers Pvt Ltd and Pantheon Buildcon Pvt Ltd, entities linked to the Kapoor family, selling the property.
Property Details
The acquired asset is located in the Balaji IT park in suburban Chandivali. It encompasses a ground plus ten-storey building, DC-10, designed to house a data centre, along with an adjacent four-storey diesel generator structure. The total space sold spans over 30,195 square meters, representing a substantial real estate holding.
Regulatory Perks
Notably, the sale benefits from a 2024 government resolution, exempting it from stamp duty payments. A metro cess of ₹5.59 lakh was paid, indicating adherence to local levies despite the stamp duty waiver. This regulatory advantage could have influenced the transaction's final structure and appeal.
Investor Interest
The buyer, NTT Global Data Centres, is a subsidiary of Japan's NTT Group, highlighting continued foreign interest in India's commercial real estate, particularly in infrastructure critical to the digital economy. The acquisition of space for a data centre underscores the growth demand for such facilities in India's metropolitan hubs.
