Mumbai, June 15, 2024 — In a groundbreaking real estate transaction, Agni Commex LLP has leased a commercial office space to IMC India Securities Pvt Ltd at a record-breaking rate of ₹700 per square foot per month. This deal, considered one of the highest lease rentals in Mumbai's Bandra Kurla Complex (BKC), highlights the premium that short-term leases can command in India's costliest commercial real estate market.
The leased space, located in Maker Maxity 4, spans approximately 5,830 square feet and results in a monthly rental of ₹40.81 lakh. Documents accessed by Propstack confirm the details of the lease, which local brokers emphasize is notable for its per square foot rate reaching the ₹700-mark.
BKC, known as the most expensive commercial real estate market in India, typically sees ongoing per square foot rates ranging from ₹500 to ₹550. However, the recent transaction at ₹700 per square foot is indicative of the premium associated with short-term leases, which often command higher prices.
While this lease deal sets a new high for BKC, it is not the most expensive in the country. The highest per square foot lease rate in India remains the Barclays deal in Worli, which was secured at ₹725 per square foot.
IMC India Securities Pvt Ltd, operating in the finance and insurance sector, has shown significant expansion in recent months. In addition to the BKC lease, the company has taken up two more office spaces in Maker Maxity 5, totaling over 10,000 square feet. Furthermore, in March 2024, IMC India leased a substantial 42,700 square feet of space in Worli for a 10-year term at a monthly rental of ₹1.36 crore.
This significant lease deal underscores the robust demand for premium office spaces in Mumbai, particularly in prime locations like BKC and Worli. Real estate consultants suggest that such high-value transactions reflect the growing confidence of businesses in Mumbai's commercial real estate market, despite the challenges posed by fluctuating economic conditions.
About IMC India Securities Pvt Ltd:
IMC India Securities Pvt Ltd is a prominent player in the finance and insurance sector, known for its strategic expansions and high-value real estate investments.
About Agni Commex LLP:
Agni Commex LLP is a leading real estate firm involved in leasing premium commercial spaces in Mumbai's prime locations.
This record-setting lease deal is a testament to the thriving commercial real estate market in Mumbai, particularly in sought-after areas like BKC, and highlights the willingness of companies to invest in premium office spaces for strategic growth.
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