Red Fox IT Infra Acquires Significant Office Space in Mumbai's Times Square
Red Fox IT Infra LLP, a subsidiary of the managed workspace provider Redbrick Offices, has invested approximately ₹267.5 crore in two distinct transactions to acquire 22 office units within the Times Square building located in Marol, Mumbai. The documents, accessed via CRE Matrix, a real estate analytics platform, detail these substantial acquisitions.
Acquisition Details
The two transactions collectively encompass a built-up area exceeding 87,000 square feet. The buyer, Red Fox IT Infra LLP, remitted a total stamp duty of ₹8.02 crore for these transactions, according to official records.
Furthermore, the two agreements provide for a total of 88 parking spaces. The office buildings were acquired from NTPL Developers LLP.
- First Deal: Executed on May 3, 2024, with a total investment of ₹218.9 crore for 18 office units in the Times Square building, Andheri East. This deal covered 72,150 square feet and included 73 parking spaces, incurring a stamp duty payment of ₹6.56 crore.
- Second Deal: Completed on May 8, 2024, involved an investment of ₹48.54 crore to procure four office units on the sixth and eighth floors of the same building. These spaces encompass 15,468 square feet and include 15 parking spaces, resulting in a stamp duty payment of ₹1.45 crore.
Other High-Profile Business Transactions in Mumbai
Mumbai has witnessed a series of significant commercial real estate transactions recently.
- In June, ICICI Prudential Asset Management Company Limited acquired the Kalpataru Infinia building in Santacruz East for ₹315 crore.
- Also in June, Unity Small Finance Bank, under the ownership of Centrum Group and BharatPe, purchased multiple floors in a Santacruz East commercial building, totaling over 70,000 square feet, for ₹227 crore.
- Additionally, in June 2024, Bollywood icon Amitabh Bachchan invested approximately ₹60 crore in three office units within Mumbai’s Veer Savarkar Signature building.
- In May 2024, Tata Digital Private Limited (TDPL), a subsidiary of Tata Sons Private Limited, renewed the lease for its Fort area headquarters at a monthly rental of ₹2.98 crore.