Mumbai Real Estate Market Sees Significant Leasing Activity with Blackrock Services India Pvt Ltd
Whispering Heights Real Estate Private Limited, a joint venture between K Raheja Corp Group and GIC of Singapore, has leased 42,700 sq ft to Blackrock Services India Private Limited for a monthly rent of ₹1.28 crore
Mumbai Real EstateBlackrock Services India Pvt LtdWhispering Heights Real Estate Private LimitedK Raheja Corp GroupGic Of SingaporeReal Estate MaharashtraAug 23, 2024
The lease agreement, accessed by Propstack, reveals that Blackrock has paid a security deposit of ₹12.81 crore for the deal. The transaction was registered on July 18, with a stamp duty of ₹24.11 lakh being paid.
The commercial space, situated on the 13th floor, has been divided into two portions, with a chargeable area of 37,487 sq ft and 5,213 sq ft respectively. The lease period is from August 2024 to July 2029, with a monthly rent of ₹300 per sq ft, which will increase to ₹314 from August 2025, ₹329 from August 2026, and the security deposit will also increase to ₹14.72 crore from August 2027.
Raheja Altimus is a commercial building spread across an area of 3.10 acres, with a total leasable area of 1.12 million sq ft. Several corporates have their offices in the building, including Morgan Stanley, which rented 86,200 sq ft of space for ₹325 per sq ft in October 2022.
The Mumbai real estate market has been witnessing significant leasing activity in recent times. In January 2024, Barclays leased 64,995 sq ft of space for five years at a starting monthly rent of ₹2.08 crore. In June 2024, Agni Commex LLP leased almost 5830 sq ft to IMC India Securities Pvt Ltd for ₹700 per sq ft per month in BKC.
The commercial space market in India has been performing well, with the office space market across top eight cities recording its highest ever transaction volume in a half-yearly period at 34.7 million square feet (mn sq ft) in H1 2024, according to a report by Knight Frank India.
Information
Whispering Heights Real Estate Private Limited is a joint venture between K Raheja Corp Group and GIC of Singapore. K Raheja Corp Group is a leading real estate developer in India, with a strong presence in the Mumbai market. GIC of Singapore is a sovereign wealth fund that has been actively investing in the Indian real estate market.
K Raheja Corp Group is a leading real estate developer in India, with a strong presence in the Mumbai market. The company has developed several landmark projects in the city, including the Raheja Altimus building.
Frequently Asked Questions
Who has leased the commercial space in Worli?
Blackrock Services India Private Limited has leased the commercial space in Worli.
What is the monthly rent for the leased space?
The monthly rent for the leased space is ₹1.28 crore.
What is the lease period for the commercial space?
The lease period for the commercial space is from August 2024 to July 2029.
Who is the developer of the Raheja Altimus building?
K Raheja Corp Group is the developer of the Raheja Altimus building.
What is the total leasable area of the Raheja Altimus building?
The total leasable area of the Raheja Altimus building is 1.12 million sq ft.
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