Real Estate Services in Mumbai West
Properties from Andheri to Borivali
Global investment bank Morgan Stanley picking up nearly 800,000 sq ft in Oberoi Realty’s project in Goregaon. The deal is for 15 years, including a 10-year fixed term and an option to avail an extension for the balance period, in what is being billed as one of the largest built-to-suit office space deals in the country. The lease rental for the space is set at Rs 120 per sq ft, taking the annual lease amount to over Rs 115 crore per year, a record.
The commercial building is a special economic zone (SEZ) which came into Brookfield’s commercial portfolio following the Canada-based investor’s acquisition of Hiranandani Group’s offices and retail space in Mumbai’s Powai suburb for about $1 bn. The lease was due for expiry in 2021, but Nomura has reset it for 10 years. Nomura will be paying rentals of Rs 135 per sqft a month for the said office space with effect from 2021.
Edelweiss has partnered South Korea’s Meritz Financial group to launch the first fund of $425 million. The first tranche of this fund will likely close this week at $270 million, with Meritz making the majority investment commitment. Another tranche of $155 million would also be launched soon following the first series deployment. This move comes a week after FM Sitharaman announced establishing an AIF to give last-mile funding to affordable housing projects.
If the government goes ahead and implements the widely speculated move of linking Aadhaar with property, it will constitute another big surgical strike against black money and money laundering. Over the last 2-3 years, there has been off and on buzz about an impending decision to link Aadhaar with property and the decibel level around this audacious gambit has just got louder.