Mumbai, 30th January 2025
Panasonic Life Solutions India (formerly known as Anchor Electricals) has acquired a plot of land in Andheri East, Mumbai, for Rs 160 crore, according to property registration records.
The 6,586.90-square-metre land was purchased from River Rose Developers LLP. The deal involved a stamp duty of Rs 9.60 crore and a registration fee of Rs 30,000, as stated in the documents.
The transaction was officially registered on January 29, 2025, with the Inspector General of Registration (IGR) under the Government of Maharashtra.
Andheri East, a prominent commercial and residential area, is well-connected through the Western Express Highway, Metro Line 1, and its proximity to both domestic and international airports. The region also houses a thriving business ecosystem, including SEEPZ, the Maharashtra Industrial Development Corporation (MIDC), and various corporate offices.
In the past year, Andheri East has seen 1,421 property transactions, totalling a sales value of Rs 2,247 crore. The average property rate in the area is Rs 37,778 per square foot, with an average rental rate of Rs 74.8 per square foot. Property prices have experienced a 3% year-on-year increase, according to Square Yards Intelligence.
Panasonic Life Solutions India is a fully owned subsidiary of Panasonic Corporation, a Japanese multinational electronics company. Since 1963, the company has been a leading player in India’s electrical construction materials sector and was acquired by Panasonic in 2007.
