Voltas puts South Mumbai office building on block

MUMBAI: Tata Group company Voltas has put one of its prime office buildings at Fort in south Mumbai on block. The building with total built-up space of nearly 27,000 sq ft is constructed on freehold land with marketable title, the company said in a newspaper advertisement on Tuesday.

According to property consultants, the building can fetch around Rs 75 - Rs 80 crore given the ongoing property rates in the vicinity and its neo-classical look. The building situated close to old custom house and Horniman Circle is suitable for a corporate headquarters or retail outfits and offices of legal firms given the location and the design of the structure, they said.

Voltas International House with three upper floors, ground and mezzanine structure used to house the office of Voltas International, Voltas' wholly-owned subsidiary that was merged into Voltas in 2001. Voltas International operated as the overseas arm of Voltas for two decades prior to this merger and now as a division continues to take care of those operations.

Following Voltas International's merger with Voltas, operations from this building were moved to Voltas House, the company's headquarters at Chinchpokli in central Mumbai. The company has another office building at Ballard Estate in south Mumbai.

Currently, part of State Bank of India's large corporate and retail business departments are housed in Voltas International House under a lease agreement with Voltas.

Property consultant Cushman & Wakefield is acting as a transaction advisor to Voltas for selling this commercial building on outright basis.

On Tuesday, shares of Voltas closed at Rs 109.80 on the Bombay Stock Exchange, down 1.9% from Monday's close.