Mumbai's Thriving Real Estate Market: Redbrick Offices Subsidiary Acquires 22 Commercial Units
Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, purchases 22 office spaces in Mumbai's Andheri for ₹267 crore, signaling a strong demand for commercial properties in the city.
Mumbai Real EstateCommercial PropertiesRedbrick OfficesCo Working SpacesAndheri EastReal EstateJul 09, 2024
The purchased office spaces, spread over an area of 87,618 sq ft, are located in the Times Square building in Marol, Andheri East. The transaction, which was registered on May 3 and 8, 2024, includes 88 car parking spaces. The deal works out to a per sq ft rate of around ₹30,500, indicating a strong demand for commercial properties in the area.
Redbrick Offices, a co-working space provider, has a significant presence in Mumbai, with offices in commercial areas like Bandra Kurla Complex (BKC), Goregaon, Andheri, and Lower Parel. The company operates 35,000 seats across 31 centers in cities like Mumbai, Pune, Navi Mumbai, Thane, Bengaluru, and Hyderabad.
The Andheri East area is a hub for co-working office spaces, with several players operating in the region. The deal by Red Fox IT Infra LLP is a testament to the growing demand for commercial properties in the area.
Mumbai has seen several big-ticket commercial deals in recent weeks. ICICI Prudential Asset Management Company Limited purchased 1,464 sq m of land along with a commercial space in Santacruz East for ₹315 crore. Incuspaze, another co-working office space provider, leased 5.8 lakh square feet of office space in Gurugram.
The commercial property market in Mumbai is expected to continue its upward trend, driven by a growing demand for office spaces and a limited supply of quality properties. Investors, including Bollywood stars like Karishma Kapoor and Amitabh Bachchan, are increasingly focusing on commercial properties due to their high returns and stability.
Redbrick Offices is a co-working office space management company with 35,000 seats spread over 31 centers. The company operates in cities like Mumbai, Pune, Navi Mumbai, Thane, Bengaluru, and Hyderabad.
NTPL Developers LLP is a real estate development company that has developed several commercial and residential projects in Mumbai.
ICICI Prudential Asset Management Company Limited is a leading asset management company in India, with a significant presence in the commercial property market.
Incuspaze is a co-working office space provider with a presence in 44 locations across 18 cities, with a total portfolio of 3 million sq ft.
Frequently Asked Questions
How many office spaces were purchased by Red Fox IT Infra LLP?
22 office spaces
What is the total area of the purchased office spaces?
87,618 sq ft
What is the per sq ft rate of the transaction?
Around ₹30,500 per sq ft
How many car parking spaces were purchased as part of the deal?
88 car parking spaces
What is the total value of the deal?
₹267 crore
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