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Property Ventures Sells Malad IT Park to Clear Bridge Ventures for ₹335 Crore

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Property Ventures (India) Pvt Ltd, a subsidiary of RK Marbles, has recently sold an IT Park located in Mumbai’s Malad area to Clear Bridge Ventures LLP for a substantial sum of ₹335 crore. This information was revealed in property registration documents accessed by CRE Matrix. The IT Park spread across an area of 1.96 acres is located in the Linking Road area of Malad West, a well-connected and sought-after area, which adds to the property’s value.

The sale of the IT Park was finalized on August 23, 2024, with a stamp duty of ₹21.85 crore paid on the transaction. This information is based on the property registration documents.  

The IT Park, a substantial structure with six floors above ground level, offers a total saleable area of 1.47 lakh square feet. The property provides ample parking facilities with 123 car parking spaces and six designated slots for other vehicles, as detailed in the registration documents. These features make the property highly attractive to potential investors in the IT sector.

The sale of this IT Park highlights the strong demand for commercial real estate in Mumbai, particularly in well-connected areas like Malad. The property’s features, including ample parking and a prime location, make it an attractive investment option. This significant deal underscores the thriving commercial real estate market in the city.

Recent Transactions in Mumbai

Mumbai’s commercial real estate market is booming. The commercial real estate market is experiencing a significant surge in high-value deals, particularly in the office space sector. This reflects the city’s strong economic growth and strategic importance for businesses. Leading companies and investors are flocking to Mumbai to capitalize on this thriving market.

In a recent transaction, the subsidiary of Redbrick Offices acquired 22 office units for Rs 267.5 crore in Mumbai’s Marol area. In another major corporate spaces deal, Nielsen Media and its subsidiary recently leased 1.52 lakh square feet of office space for ₹3.87 crore per month for a 10-year term in Mumbai’s Goregaon locality. 

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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

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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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Why Is Oberoi Realty’s Three Sixty West Project in Mumbai Experiencing a Surge in Demand for Luxury Apartments?

Oberoi 360 west

Oberoi Realty’s luxury project Three Sixty West located in Mumbai’s plush Worli area has witnessed 19 transactions since April 2024 worth over ₹1,300 crore according to documents accessed by CRE Matrix. The project has garnered interest from well-known personalities including Shahid Kapoor and Abhishek Bachchan, D’Mart’s Radhakrishna Damani, Everest Masala Group’s promoter, and Vratika Gupta, founder of a well-known decor brand. 

The luxury residential units included in these transactions range from 5,600 square feet to nearly 17,000 square feet. 16 of the 19 transactions that have occurred since April 2023 have been in the primary (direct) market and have involved the developer Oberoi Realty, its partners, and the buyers. According to documents accessed, Oberoi Realty sold seven of the 16 apartments involved in these deals and its partner sold the remaining apartments.

Three Sixty West’s exceptional seaside location, which offers breathtaking views and luxurious living areas, is one of its key attractions. To suit the interests of affluent customers, the project consists of two towers with 4 BHK and 5 BHK flats in addition to duplex apartments and penthouses. The project obtained its certificate of occupation in 2022. 

The 360 meter tall sea-view project takes its name, most likely, from the fact that every apartment faces west. The Three Sixty West project, according to the MahaRERA portal, is registered under the name Oasis Realty as the promoter. It has four promoters: Vikas Oberoi-sponsored companies Oberoi Constructions Ltd and Astir Realty LLP; SkyLark Buildcon Pvt Ltd; and Shree Vrunda Enterprises, which is a part of Sudhakar Shetty’s Sahana Group.

With developers charging approximately ₹1 lakh per square foot for sea-view units in the Worli neighborhood, Three Sixty West is competitive in the luxury condo market. Local brokers claim that these apartments’ primary market values range from ₹1.25 lakh to ₹1.50 lakh per square foot. The project’s upscale facilities and prime location, in addition to its affordability, have created a strong demand.

The property has also become more appealing as a result of Radhakishan Damani and his associates’ bulk acquisition of 28 flats in February 2023 for ₹1,238 crore. Some of these apartments have already started to sell for about ₹1 lakh per square foot on the resale market. More of these entering the market could result in competitive pricing and more room for buyer negotiation.

Despite the constantly high sales at Oberoi Three Sixty West, real estate experts think the availability and cost of resale apartments will determine the direction of the market going forward. The reinstatement of 28 units from the bulk deal may affect the dynamics of the primary and secondary markets, giving buyers additional choices and pricing points.

The project’s ability to draw in buyers will be largely dependent on how the market develops over the next several months.

Recent Transactions
Oberoi Realty’s Three Sixty West is highly sought after for its prime location and luxury features. In a recent transaction, fashion designer and the creator of the upscale home décor brand Maison Sia, Vratika Gupta, purchased a luxury apartment in Three Sixty West for Rs 116.42 crore. Also, Bollywood actor Shahid Kapoor and wife Mira Kapoor purchased a luxury sea-view apartment in the Three Sixty West for around 60 crore.