Real Estate Transactions
Maharashtra govt completes acquisition of iconic Air India building in Mumbai’s Nariman Point for Rs
The Maharashtra government has completed the acquisition of the Air India building located at Nariman Point in Mumbai for INR 1601 crore. The transaction follows a cabinet approval granted three years ago, with the state government deciding to waive unearned income and other penalties associated with the transfer to facilitate the possession of the asset.The acquired property is a 22-storey, sea-facing building spanning 46,470 square metres. The space will be used to expand various government offices. Moving these offices into the new premises is expected to result in annual rent savings of about INR 200 crore.
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