Mumbai Records A Landmark Office Property Rental Deal Worth Rs.70 Crore A Year

For any person on this planet who has any doubts in regards to the incredible boom being experienced in the Indian economy, should definitely take look at the current Indian luxury market report and even if that that doesn’t convince you then I’m sure the latest office space that is going down in Mumbai, India will do the job. As per reports, one of the biggest conglomerates in India, the Sahara Group, which is also the official sponsor to the country’s cricket team is now near closing a property rental deal that will cost it about Rs. 70 crore a year as the rent. The Parinee Cresenzo has been designed and developed by the renowned real estate developer, Parinee Developers is one of the most stunning commercial projects in Mumbai and stands 20 storey tall. This massive commercial structure located in Bandra-Kurla Complex (BKC) will be accommodating Sahara Group in about 2.5 lakh sq ft space and as per the deal the annual luxury rental has been deduced at Rs. 225 a sq ft.

The Parinee Cresenzo has been developed on 2.2 acre land plot that Parinee Developers, co-owners of the Kochi Tuskers IPL team acquired for a sum of Rs.536 crore from MMRDA (Mumbai Metropolitan Region Development Authority).

This plot also houses Standard Chartered that bought 2.2 lakh sq ft from Parinee for Rs.720 crore and BNP Paribas that acquired 1.10 lakh sq ft space and is located in the Maker Maxcity Tower One in BKC. Even in the face of the 2009 economic recession that led to downfall in the demand for personal properties, the commercial properties in major metropolitans such as Mumbai are thriving and becoming an integral part of the vibrant Indian economy.

Via Times Of India


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