Commercial Real Estate Market Witnesses Revival
The commercial real estate market in India is experiencing a resurgence, fueled by increased government revenue and a strengthening economy. These positive economic indicators are encouraging potential customers to consider investing in commercial properties, leading to a noticeable uptick in inquiries from investors, according to developers.
Rental Deals Gaining Traction
Interestingly, many developers are opting to secure rental agreements rather than selling their properties outright. A prime example of this trend is the recent agreement between global consulting giant KPMG and Lodha Developers. KPMG has agreed to lease a substantial 130,000-square-foot property in Mahalaxmi, central Mumbai, at a monthly rate of Rs 160 per square foot.
Lodha Developers' Strategic Moves
Lodha Developers currently has five commercial projects underway across Mumbai, spanning key areas such as Parel, Worli, and Thane. In a recent development, Lodha also submitted a bid of Rs 710 crore for the NTC's 10.3-acre Finlay Mill land, also located in central Mumbai. This move underscores the company's ongoing commitment to expanding its presence in the commercial real estate sector.
Other Notable Transactions
Another significant transaction in the commercial property arena involved investor C Sivasankaran acquiring a 66% stake in a commercial property Special Purpose Vehicle (SPV) from DLF for a sum of Rs 310 crore. Akruti City holds the remaining stake in the SPV, further illustrating the active participation of diverse players in this evolving market.