Record-Breaking Lease Deal: IMC India Rents Office Space in BKC for ₹700 per sq ft
BKC tops the charts as the costliest commercial real estate market in India, with IMC India securities bagging a 5830 sq ft office space at a staggering ₹700 per sq ft per month
Commercial Real EstateOffice SpaceLease DealBkcMumbaiImc India SecuritiesReal Estate MumbaiJun 14, 2024
IMC India Securities Pvt Ltd, a leading player in the finance and insurance sector, has taken up the office space on a short-term lease, reportedly for five months. Local brokers have emphasized that short-term deals typically command a premium, which could be a factor in this record-breaking lease deal.
BKC has consistently maintained its position as the costliest commercial real estate market in India. The ongoing per sq ft rate in BKC ranges from ₹500 to ₹550, but this recent deal has set a new benchmark. Although this is not the highest lease deal in the country, with Barclays' Worli deal still holding the top spot at ₹725 per sq ft, it is a significant development in the BKC commercial real estate market.
IMC India has also leased two more office spaces in Maker Maxity 5, measuring over 10,000 sq ft. In March 2024, the company had leased 42,700 sq ft of space for 10 years at a monthly rental of ₹1.36 crore in Worli.
IMC India Securities Pvt Ltd is a leading financial services company, offering a range of services including stock broking, commodity trading, and investment banking. Agni Commex LLP is a Mumbai-based real estate developer and owner of the Maker Maxity office complex.
Propstack is a leading real estate data and analytics platform, providing insights and information on the Indian property market.
Frequently Asked Questions
What is the costliest commercial real estate market in India?
Bandra Kurla Complex (BKC) in Mumbai is the costliest commercial real estate market in India.
What is the ongoing per sq ft rate in BKC?
The ongoing per sq ft rate in BKC ranges from ₹500 to ₹550.
What is the highest lease deal in the country?
The highest lease deal in the country is the Barclays deal in Worli at ₹725 per sq ft.
Who is the lessee in this record-breaking deal?
IMC India Securities Pvt Ltd is the lessee in this record-breaking deal.
What is the term of the lease deal?
The lease deal is for a short term of five months.
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