Aurum PropTech sells two commercial towers in Navi Mumbai for Rs 112 crore

MUMBAI: Listed property technology company Aurum PropTechLtd has approved the sale of two independent commercial towers at Millennium Business Park in Navi Mumbai for a total consideration of Rs 112 crores.

The two towers together hold 142,000 sq ft of leasable space across independent buildings, Q5 and Q6, spread over 1.33 acres within the complex. These towers came into Aurum’s portfolio as part of its acquisition of insurance technology company Majesco in 2021. Following this acquisition, Aurum has changed the business model to property technology.

The transaction forms part of Aurum PropTech’s broader strategic shift toward AI-driven PropTech platforms, with the company committing significant capital toward building advanced artificial intelligence capabilities across the real estate ecosystem.


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“Aurum plans to deploy artificial intelligence across its core segments of rental, distribution, and capital. AI will enhance tenant acquisition, enable dynamic pricing, improve property management, and automated leasing processes in the rental housing segment,” said Onkar Shetye, Executive Director of Aurum PropTech.

According to him, in real estate distribution, AI will increasingly support property discovery, lead analytics and sales automation. Through these initiatives, Aurum aims to build a more digital, data-driven real estate ecosystem and position itself strongly in AI-led PropTech.

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The transaction is expected to be completed by June end, subject to the receipt of necessary regulatory approvals.

The proceeds from the transaction will further strengthen Aurum’s growing AI investment pool and support the accelerated development of intelligent digital infrastructure for the real estate sector, the company said.

The assets carry an approximate book value of Rs 27 crore, and the transaction is expected to result in a significant gain, improving the group’s profitability and strengthening its balance sheet.

Last year, Aurum PropTech acquired 100% of PropTiger, the Indian arm of News Corp Australia-backed REA Group, through an all-stock strategic equity swap. This marked the first-ever share-swap-based acquisition in the country’s proptech sector.

As part of that transaction, REA India has become a 5.5% equity shareholder in Aurum PropTech by receiving 4.24 million equity shares through a preferential allotment.