Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, purchased 22 office spaces at Andheri (East) for Rs 267.5 Crore. The office units are situated on the sixth, seventh, and eighth floors in the E Wing of Times Square Building.

About The Purchase

According to transaction details accessed by CRE Matrix, a real estate data analytics firm, the company paid stamp duty of Rs 8.02 Crore for the office units that collectively measure to 87,618 sq ft. While the deal for 18 office units was registered on May 3, 2024, the remaining four office units were registered on May 8, 2024.

Red Fox also purchased 88 parking spaces as part of the deal from NTPL Developers LLP and others. Recently, ICICI Prudential Asset Management Company purchased properties worth Rs 315 Crore in Santacruz (East).

ICICI Prudential Asset Management Company Ltd purchased 12 floors along with land, three basements, and a ground floor situated at Kalpataru Infinia from Ixora Properties Pvt Ltd.

According to the documents accessed by FloorTap.com, the marketplace for commercial properties, ICICI Prudential paid stamp duty of Rs 18.90 Crore to seal the deal that was registered on June 27, 2024. The total area of property is 63,733 sq ft and comes along with 114 parking spaces, the documents stated.

The Colliers India Research Report about India Office Market Snapshot in Q2 of 2024 stated that Mumbai recorded a significant 3.5 mn sq ft of leasing during the quarter ending June 2024, double the levels seen in Q2 2023, the city also had the highest incremental quarterly supply in the past 3-4 years.

It also stated that the vacancy levels remained rangebound amidst balanced demand-supply dynamics while a strong H1 performance has set the stage for office space demand to comfortably exceed 50 mn sq ft for the third consecutive year in 2024.

Published on: Tuesday, July 09, 2024, 04:31 PM IST