Rs 70 Crore a year Rent deal from Sahara Group
Sahara Group negotiated the Rs 70 crore a year Rent deal for commercial property at Bandra-Kurla Complex. The deal, touted as the highest ever for a commercial property in terms of annual rent.
According to real estate sources, the UP-based Sahara Group negotiated the deal for a lease amount of Rs 225 a sq ft for 2.5 lakh sq ft space in Parinee Cresenzo, a 20-storey commercial project by Parinee Developers, which works out to an annual rent of close to Rs 70 crore. The deal, touted as the highest ever for a commercial property in terms of annual rent. The agreement is expected to be sealed by next week.
Rent deal from Sahara group for commercial property at Bandra-Kurla Complex (BKC), almost Rs 70 crore a year, indicates the demand for office space is still strong. Sahara Group will take over 2.5 lakh sq ft space in Parinee Cresenzo, a 20-storey commercial project by Parinee Developers.
“A few buildings in BKC command over Rs 375/sq ft. However, the Parinee-Sahara deal is the highest in terms of the total annual rent,” said a property tracker. “Given a scenario in which the lease rental rates for ready-to-occupy premises in BKC are between Rs 300 and Rs 350 per sq ft, it looks like a good transaction.”
Industry sources said BKC was currently the “hotspot” for most corporates, MNCs and banks as compared to the rival commercial business districts of Lower Parel and Nariman Point-in the latter, lease rentals are currently between Rs 225 and Rs 250/sq ft on an average.
The Parinee Cresenzo building stands on a 2.2 acre plot which Parinee acquired from MMRDA ( Mumbai Metropolitan Region Development Authority) on an 80-year leasehold basis in July 2006 for Rs 536 crore. In 2008, the builder sold 2.2 lakh sq ft to Standard Chartered, for Rs 720 crore. About four months ago, BNP Paribas paid about Rs 375 per sq ft for 1.10 lakh sq ft space in BKC’s Maker Maxcity Tower One, a cluster of high-end commercial buildings built by the Maker Group and Reliance Industries .
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