In one of the biggest transactions to have taken place in the commercial real estate market in Mumbai this year, Parinee Developers have sold 30,000 sq ft of office space in Bandra-Kurla Complex to a major Indian gas company, striking a deal that has yielded Rs 86 crore in revenue, said Mukesh Patel, owner, Parinee Developers, talking to The Free Press Journal.
Patel said, “The deal has not brought in a profit as such but yes, as compared to previous deals in commercial office space, this deal has been lucrative, especially given that we are in the middle of a pandemic.” He disclosed that Parinee’s previous deal with a renowned private bank was clinched at Rs 35,000 chargeable carpet area, whereas this deal was around Rs 28,000 chargeable carpet area.
Patel added that the 30,000 sq ft commercial space had been sold in Parinee Crescenzo, a 20-storey structure located in Bandra-Kurla Complex (BKC), one of the tallest buildings in the BKC. The Indian company has purchased office space on the 18th floor of this building. The deal was brought about by Cushman & Wakefield, a global commercial real estate services firm.
The Parinee Crescenzo has about 50,000 sq ft of additional space and is attracting a lot of interest from various other buyers of office spaces for investment, as well as for end use by corporates, Patel added. He explained, “During the peak of lockdown, the commercial real estate market witnessed subdued activity, as most of the transactions were put on hold due to travel restrictions. However, with the easing of the pandemic-related restrictions and on the back of a successful vaccination drive, corporates are gearing up for a gradual return to office policy and hence the market is seeing an increased interest from occupiers.”