Home / Business and Economy / Aurum Sells Navi Mumbai Towers for Rs 112 Cr
Aurum Sells Navi Mumbai Towers for Rs 112 Cr
12 Mar
Summary
- Aurum PropTech sold two commercial towers for Rs 112 crores.
- The sale is part of a strategic shift towards AI-driven platforms.
- Proceeds will fund AI investments and real estate digital infrastructure.
Aurum PropTech Ltd has approved the sale of two independent commercial towers, Q5 and Q6, located at Millennium Business Park in Navi Mumbai. The total sale consideration for these properties amounts to Rs 112 crores. These towers offer a combined 142,000 sq ft of leasable space and were acquired by Aurum in 2021 as part of the Majesco acquisition.
The divestment signifies Aurum's strategic shift towards an AI-driven PropTech business model. The company is dedicating significant capital to developing artificial intelligence capabilities across its core segments: rental, distribution, and capital. AI integration aims to improve tenant acquisition, pricing, property management, and automate leasing processes.
In the real estate distribution segment, AI will be leveraged for property discovery, lead analytics, and sales automation. Aurum's objective is to build a digital, data-driven ecosystem and establish a strong presence in AI-led PropTech. The transaction, expected to conclude by June end, is subject to regulatory approvals.
Proceeds from the sale will bolster Aurum's AI investment pool and accelerate the development of intelligent digital infrastructure for the real estate sector. The assets, with a book value of approximately Rs 27 crore, are expected to yield a substantial gain, enhancing profitability and strengthening the company's balance sheet. This strategic move follows Aurum's acquisition of PropTiger last year, a transaction notable for being the first share-swap-based acquisition in India's proptech sector.
