Nielsen Media Expands Footprint in Mumbai with 1.52 Lakh Sq Ft Office Space Lease
Nielsen India Media Pvt Ltd and its subsidiary company, Whats On India Media Pvt Ltd, have leased out a massive 1.52 lakh sq ft office space in Goregaon East, Mumbai, for a whopping ₹3.87 crore monthly rent.
Real EstateOffice SpaceMumbaiNielsen MediaOberoi RealtyReal Estate MumbaiJul 15, 2024
The total area of the offices, including the terrace area, spans 1.52 lakh sq ft. The company has leased the property from Oberoi Realty, a prominent real estate developer in Mumbai. The license agreement is for a period of 120 months, commencing on January 1, 2025, with a rent escalation of 15% at the end of every 36 months. The agreement also includes a lock-in period of 60 months and a fit-out period of seven months from June 1, 2024. Additionally, the company has secured 164 car parkings, with 15 being payable at ₹5,000 per car parking.
According to a report by Knight Frank India, Mumbai's office market has witnessed a healthy increase in transactions volume, with 5.8 million sq ft of office spaces being transacted in the first half of 2024. This marks a year-on-year (YoY) growth of 79%. Mumbai was the second-most active office leasing market across eight cities in the country, with new office completions recording a commendable YoY growth of 205%.
The report also highlighted that Mumbai's residential real estate market saw a 16% YoY jump in sales, with 47,259 residential units being sold during the same period. However, the city observed a de-growth of 7% YoY in new launches, with 46,985 units introduced. The average residential prices rose by 4% YoY over the same period, driven by sustained demand from buyers.
information Nielsen India Media Pvt Ltd is a leading market research and analytics company, providing insights and data to various industries. Oberoi Realty is a prominent real estate developer in Mumbai, known for its high-quality residential and commercial projects. Knight Frank India is a leading real estate consultancy firm, providing research and advisory services to clients.
Nielsen India Media Pvt Ltd is a subsidiary of Nielsen Holdings, a global information and measurement company. Whats On India Media Pvt Ltd is a subsidiary of Nielsen India Media Pvt Ltd, providing media analytics and research services. Oberoi Realty is a leading real estate developer in Mumbai, with a strong track record of delivering high-quality projects. Knight Frank India is a leading real estate consultancy firm, with a presence in major cities across India.
Frequently Asked Questions
What is the monthly rent paid by Nielsen India Media Pvt Ltd for the office space?
₹3.87 crore
What is the total area of the office space leased by Nielsen India Media Pvt Ltd?
1.52 lakh sq ft
Who is the owner of the property leased by Nielsen India Media Pvt Ltd?
Oberoi Realty
What is the year-on-year growth rate of Mumbai's office market in the first half of 2024?
79%
What is the average residential price growth rate in Mumbai in the first half of 2024?
4% YoY
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