Clear Bridge Ventures LLP has completed the acquisition of a substantial IT park property in Malad West for ₹335 crore. The transaction encompasses the entire land parcel, along with the IT Park at Fourth Dimension, located on the prominent Linking Road.
The seller, Property Ventures (India) Pvt Ltd, is a subsidiary of RK Marbles, a well-known player in the Indian marble industry. Details from CRE Matrix, a real estate data analytics firm, reveal that the property covers a total area of 1.95 acres. The acquisition, finalised on 23rd August 2024, required Clear Bridge Ventures to pay a stamp duty of ₹21.85 crore, underscoring the substantial scale of the transaction. Clear Bridge Ventures LLP, a Mumbai-based entity, was established in February 2022. Despite its relatively recent entry into the market, the company has quickly positioned itself within the real estate, renting, and business activities sectors.
This latest acquisition is a strategic move in bolstering its presence in Mumbai’s highly competitive real estate market. Operating under the jurisdiction of the Registrar of Companies (ROC) Mumbai, Clear Bridge Ventures has its registered office in Kandivali, a suburb known for its commercial and residential growth. The acquisition comes amidst a period of steady momentum in the residential real estate market, driven by positive buyer sentiment and sustained demand. According to the Housing Price-Tracker Report for Q2 2024, published jointly by CREDAI, Colliers, and Liases Foras, average housing prices across the top eight Indian cities saw a 3% quarter-on-quarter increase in the second quarter of 2024. Notably, this 3% growth rate has remained consistent over the last four quarters, signalling a stabilised market buoyed by sustained demand.
On an annual basis, the report notes that average housing prices across these key cities have grown by 12% by the end of Q2 2024. While the overall unsold inventory remained stable year-on-year at a pan-India level, there was a slight reduction in inventory on a quarterly basis, reflecting strong sales activity. The Mumbai Metropolitan Region (MMR) remains a critical area of focus, accounting for approximately 40% of unsold inventory across the primary markets of the top eight cities. With the festive season on the horizon, developers are expected to closely observe new launches and manage housing stock strategically in key residential catchment areas, aiming to maintain the sales momentum and adapt to evolving market conditions.
