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MRF Leases 3.85 lakh sq. ft Warehousing Space in Pune’s Mawal Area

MRF Leases Warehouse

Indian multinational tyre manufacturing company MRF has secured the lease of 3.85 lakh sq ft of large warehousing space in village Sudvadi, Mawal area of Pune district. The Chennai-headquartered company has signed the lease deal with NDR Tradehouse for an initial monthly rental of approximately Rs 1.05 crore. It also has an escalation clause that will increase the annual rental by 4.5% every year. This suggests that there is a strong demand for warehouse spaces in India’s expanding logistics industry.

As per documents procured from CRE Matrix, this agreement was registered on 18 July for an initial five-year tenure with a provision for its extension of another five years. A lock-in period of three years ensures a minimum commitment from both parties. Additionally, MRF will pay common area maintenance charges of Rs 3.85 lakh per month and has made an upfront security deposit of Rs 3.14 crore, equivalent to three months’ rental payments. This provides financial security to NDR Tradehouse.

One of the unique features of this lease agreement is the provision for MRF to expand its warehousing space by an additional 2 lakh sq ft within three years. If NDR Tradehouse fails to provide this additional space when required by MRF, the lock-in clause will not be binding. 

In recent years, India has experienced a notable surge in the leasing of warehouse facilities. This is mostly due to the swift rise of e-commerce, the imposition of the Goods and Services Tax (GST), and the growing need for effective supply chain management. There has been an increase in warehouse leasing activity in major cities and developing industrial clusters as businesses look to improve distribution networks and optimize logistics.

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Nielsen Media and Subsidiary Lease 1.52 lakh sq ft Office Space in Mumbai for ₹3.87 Crore Per Month for 10 Years

Nielsen_Media_and_Subsidiary_Lease_Office_Space_in_Mumbai

Nielsen Media India Private Limited and its subsidiary, Whats On India Media, signed a significant lease agreement for 1.52 lakh square feet of office space in Mumbai’s Goregaon. The office units are located in Commerze III, International Business Park, Oberoi Gardens in Goregaon East. Documents obtained from CRE Matrix revealed that the leasing agreement is for 10 years, with an initial monthly rent of ₹3.87 crore.

The property is strategically located along the Western Express Highway and is owned by Oberoi Realty. According to the documents accessed, Whats On India Media Private Limited has leased 39,852 square feet, including a portion of the terrace space. This deal comes with 42 parking spaces for cars and covers the 35th level of the building. 4 out of the 46 parking spaces would require payment at a rate of ₹5,000 per space. The company has paid a security deposit of ₹8.03 crore and the monthly rent for this area is ₹1.004 crore. The agreement was registered on July 9, 2024, with the license commencement date set for January 1, 2025.

In a separate transaction, Nielsen Media India Private Limited has leased the entire 36th, 37th, and 38th floors, along with a portion of the terrace, totaling approximately 1.124 lakh square feet. This lease involves a monthly rental of approximately ₹2.87 crore, accompanied by a security deposit of ₹22.9 crore. The rent for these three floors totals ₹255 per square foot per month. There are 122 free parking spots included in the lease, and 11 more parking spots can be leased for ₹5,000 per month.

These noteworthy lease agreements demonstrate the ongoing demand for upscale office space in Mumbai, especially in desirable areas like Goregaon East.

Recent Transactions for Office Spaces in Mumbai

Recent office space transactions in Mumbai highlight significant activity in the commercial real estate sector. In the latest transaction, Red Fox IT Infra LLP acquired 22 office units in the Times Square building at Marol in Mumbai for approximately Rs 267.5 crore. 

In another transaction, Bank of America leased two commercial units in Malad at a monthly rent of ₹91.5 lakh.

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Subsidiary of Redbrick Offices Acquires 22 Office Units for Rs 267.5 Crore in Mumbai

Redbrick Offices Acquires 22 Office

Red Fox IT Infra LLP, a subsidiary of the co-working space provider Redbrick Offices, has acquired 22 office units in the Times Square building at Marol in Mumbai for approximately Rs 267.5 crore. This transaction occurred in two separate deals, as revealed by documents accessed through CRE Matrix.

According to the documents, the combined built-up area purchased through these two transactions is 87,618 square feet. For these transactions, the buyer has paid a total of Rs 8.02 crore in stamp duty.

In the first deal, executed on May 3, 2024, Red Fox IT Infra LLP purchased 18 office units for Rs 218.9 crore. This acquisition includes an area of 72,150 square feet and comes with 73 car parking slots. The stamp duty paid for this deal amounted to Rs 6.56 crore.

The second deal, finalized on May 8, 2024, involved the purchase of 4 office units on the 6th and 8th floors of the same building for Rs 48.54 crore. These office spaces cover a built-up area of 15,468 square feet and include 15 car parking slots. The stamp duty paid for this transaction was Rs 1.45 crore.

The office units in both deals were purchased from NTPL Developers LLP. This deal demonstrates the growing demand for office spaces in areas like Marol in Andheri East, Mumbai. It also highlights the ongoing investment in commercial real estate by top contenders like Redbricks Offices. 

Recent Transactions

Mumbai has recently seen a number of significant commercial real estate transactions, In a recent transaction, Bank of America leased two commercial units in Malad at a monthly rent of ₹91.5 lakh.

In another transaction, L&T Realty signed a joint development agreement (JDA) for the rehabilitation of a 12.2-acre land parcel near Mulund, Mumbai.

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