Strata, a prop-tech enabling fractional ownership in commercial real estate (CRE), has launched Phase II of its 21st asset in Mumbai, reportedly valued at Rs 170 crores. Of the total value, Strata has raised Rs 76 crore including Phase I and II from the investors. The asset that spans over 39,000 sq. ft. is an office asset situated in Mumbai Metropolitan Region (MMR). The property will reportedly provide a gross entry yield of 9.1 per cent and a targeted internal rate of return (IRR) of 12.7 per cent. It has been pre-leased for a period of 6.5 years and has a tenant lock-in period of 5.5 years.
With its extreme proximity to Mumbai, this asset is strategically located in India’s largest transit-oriented development landscape of Seawoods Grand Central. This landscape features a wide range of Grade-A office spaces, residences, malls and an integrated Seawoods-Darave railway station which offers easy connectivity to the entire MMR region, the company stated.
Navi Mumbai is one of the largest planned townships in the country and has a well-connected national rail and road network along with an upcoming international airport. Equipped with conducive infrastructure including large corporate parks, upcoming business compounds and a skilled workforce, the city is definitely one of India’s prime destinations in terms of growth, it added.
“This 21st asset is expected to generate 2X return on investment for investors. Having said that, this asset is a perfect example of these efforts bringing a seamless combination of strategic location, high-quality property and an international heritage tenant making it an optimum investment opportunity for investors looking to invest in the ambitious city of dreams," said Sudarshan Lodha, co-founder and chief executive officer (CEO), Strata Property Management.
"We aim to bring in more assets across high-demand sectors like warehousing, hospitals, and data centres. We aim to reach an asset under management (AUM) of Rs 1100-1200 crores by the end of this fiscal," he added.
Strata has launched multiple premium assets across Mumbai, Bengaluru, Chennai, Hosur, Jaipur, Hyderabad, Pune and more.
Strata, claims to be striving towards creating a strong new asset class of fractional ownership in India, thus democratising the high-end, limited access CRE investment. Due to these efforts, it has been winning the stanch confidence of over 50000 users and 2500+ active investors.
With approximately 25 per cent of non resident Indian (NRI) investor base, it is helping encourage foreign investment in Indian real estate.
Strata is backed by institutional investors like Kotak Investment Advisors, Gruhas Proptech, Sabre Investments Elevation Capital, Mayfield and PropStack.