Major Commercial Property Deals in Mumbai

Indisputably, it is the IT and ITeS industry that thrusts the commercial places in metropolitan metropolises of Mumbai, Delhi, Bangalore and Chennai. As corroborated by assorted industry studies and researches, more than than 80 per cent of the Class Type A business office space in Republic Of India is absorbed by IT companies, that are currently 7,000 in number.

However, the scene is changing fast. With North American Indian economic system clocking growing rates as high as 9 per cent year-on-year, the sectors of banking, finance and investing have got also started showing strength.

The impact is seeable on the fiscal working capital of India-Mumbai. In the past 6-months most of the major commercial place trades in Mumbai are undertaken by the aforesaid industries, and the size and nature of trades is just amazing.

Finance major ABN Amro renewed the rental for its 12,000 sq. foot business office space at Sakhar Bhawan located at the Central Business territory of Mumbai Nariman Point, at a lurching lease charge per unit of Rs 500 per sq. ft. The company was paying Rs 180 per sq foot for the last 3-years, for the same business office space! A tramp by more than than 150 per cent in such as a short span.

Furthermore, Fidelity Investments also leased 1,850 sq. foot of space at Nariman Point's Maker Chambers, at Rs 450 per sq. ft. Definitely, these rental values are one of the peak in the world, and as per the recent research studies manner ahead of Manhattan where upper limit rental value were recorded at Rs 390 per sq. ft.

Well, it is not that lone the CBD country of Mumbai is simmering like boiled water. Commercial places at Parel, Lower Berth Parel and Bandra Kurla Complex (BKC) are also steaming up with soaring prices. Take for instance, the Lewis Henry Morgan Francis Edgar Stanley deal. The investing major leased a immense business office space of 12,500 sq. foot at Peninsula Corporate Park at the charge per unit of Rs 400 per sq. ft.

The rates however are comparatively low at Lower Berth Parel, and KPMG was intelligent adequate to corner 30,000 sq. foot of business office space at the charge per unit of Rs 275 psft, beginnings informed.

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