Mumbai's Red Hot Office Market: Red Fox IT Infra LLP Buys 22 Units for ₹267.5 Crore
Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, has purchased 22 office spaces at Marol, Andheri for a whopping Rs 267.5 Crore, making it one of the largest office deals in Mumbai this year.
Real EstateOffice SpacesMumbaiAndheriCommercial PropertyReal EstateJul 09, 2024
According to transaction details accessed by CRE Matrix, a real estate data analytics firm, the company paid stamp duty of Rs 8.02 Crore for the office units. While the deal for 18 office units was registered on May 3, 2024, the remaining four office units were registered on May 8, 2024. Red Fox also purchased 88 parking spaces as part of the deal from NTPL Developers LLP and others.
This deal is not an isolated incident. Recently, Unity Small Finance Bank and ICICI Prudential Asset Management Company had purchased properties worth crores of rupees in Mumbai. The Colliers India Research Report about India Office Market Snapshot in Q2 of 2024 stated that Mumbai recorded a significant 3.5 mn sq ft of leasing during the quarter ending June, 2024, double the levels seen in Q2 2023. The city also had the highest incremental quarterly supply in the past 3-4 years.
The report also stated that the vacancy levels remained rangebound amidst balanced demand-supply dynamics, while a strong H1 performance has set the stage for office space demand to comfortably exceed 50 mn sq ft for the third consecutive year in 2024. This is a testament to Mumbai's growing importance as a commercial hub, and Red Fox IT Infra LLP's purchase is just one example of the confidence that investors have in the city's office market.
Information Redbrick Offices is a leading provider of office spaces, and its subsidiary, Red Fox IT Infra LLP, is a prominent player in the real estate sector. CRE Matrix is a real estate data analytics firm that provides insights and trends in the Indian real estate market. Colliers India is a leading commercial real estate services company that provides research and advisory services to investors, developers, and occupiers.
Red Fox IT Infra LLP is a subsidiary of Redbrick Offices, a leading provider of office spaces. CRE Matrix is a real estate data analytics firm that provides insights and trends in the Indian real estate market. Colliers India is a leading commercial real estate services company that provides research and advisory services to investors, developers, and occupiers.
Frequently Asked Questions
How much did Red Fox IT Infra LLP pay for the 22 office units?
Red Fox IT Infra LLP paid Rs 267.5 Crore for the 22 office units.
Where are the office units located?
The office units are located on the sixth, seventh, and eighth floors in E Wing of Times Square Building on Andheri-Kurla Road, Marol.
How many parking spaces did Red Fox IT Infra LLP purchase?
Red Fox IT Infra LLP purchased 88 parking spaces as part of the deal.
What is the current trend in Mumbai's office market?
Mumbai's office market is witnessing a surge in demand, with a significant 3.5 mn sq ft of leasing during the quarter ending June, 2024.
What is the expected demand for office space in 2024?
According to the Colliers India Research Report, office space demand is expected to comfortably exceed 50 mn sq ft for the third consecutive year in 2024.
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