Lower Parel in the last few years have emerged as the Central Business District, competing directly with Nariman Point and Bandra Kurla Complex (BKC),
A recent commercial deal took place yet again Lower Parel, where two huge office spaces have been bought by Central Depository Services (India) Ltd (CDSL).
According to documents provided to SquareFeatIndia by CRE Matrix, a real estate data analytics firm, the two office spaces bought by CDSL are in the building Marathon Futurex, located in Lower Parel.
The details of the property include Office Unit No. 3501, 35th Floor, Marathon Futurex, A-Wing, Mafatlal Mill Compound, N.M. Joshi Marg, Lower Parel for which an amount of Rs 81.64 Crore was paid, whereas the second office space is Office Unit No. 3401, 34th Floor, Marathon Futurex, A-Wing, Mafatlal Mill Compound, N.M. Joshi Marg, Lower Parel, for which an amount of Rs 81.52 crore was paid.
The total consideration paid by CDSL to Marathon Nextgen Realty Limited & Marathon Realty Private Limited the sellers is Rs 163.17 crore. A stamp duty of Rs 9.79 crore.
The new owners along with the two office spaces will also have an access to 31 car parks in the building. The deal was signed on December 14 this year.
“Sale of 23,110 sq ft carpet area office grade A space in Lower Parel once again reinstates unsatiated demand for good quality office space. The price comes to approx., 35,300 per sq ft on carpet which is very attractive as housing projects in the same micro-market trade at 50,000 per sq ft. Offices in Lower Parel micro-market is trading at a significant discount to Housing at the moment. Therefore making the offices asset class an attractive investment opportunity for self-use and investment purposes likewise. Also given the capital value of commercial assets is low at the moment, appreciation is near guaranteed in the future as commercial office prices play catch-up with Housing prices in the micro-market. In November 2022, Filmkraft production had purchased 10.539 sq ft office space in Marathon NextGen at capital value of Rs 32,000 per sq ft. We would like to draw our readers attention to capital value difference between the two sale transactions. From Rs 32,000 per sq ft in November 2022 to Rs 35,300 per sq ft in December 2022,” said Abhishek Kiran Gupta, CEO & Co-founder, CRE Matrix.
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