Audi, JM Fin likely to close Rs 426cr realty deal in Mumbai

In a major commercial real estate transaction, car maker Audi and financial services group, JM Financial are close to lapping up a Rs 426 crore deal in central Mumbai, reports CNBC-TV18's Priyanka Ghosh, quoting sources.

For the entire transaction JM Financial will be paying Rs 300 crore while Audi will be paying Rs 126 crore to Sheth Developers, add sources.
It is learnt that Audi has picked up 36000 sq ft area in Mumbai’s grade-A building Synergy which is located in Prabhadevi (central Mumbai) for a price of Rs 35000 per sq ft which is really a premium price to pay. Audi will occupy the ground level and it will be a part commercial-part retail endeavour for them.
JM Financial will ofcourse occupy the top floors and therefore has picked up 1.25 lakh sq ft for a price of Rs 20000 per sq ft. However, Sheth Developers has denied of any such transactions.
According to market analyst, both the transactions are pretty much at par with the market value in the current market.
For the entire Mumbai commercial space, ofcourse, one must not confuse this as a sign of revival but it’s merely for self consumption in both cases. Also this is a grade-A building so cannot generalise and say that this is going to mark a revival in the sector as a whole. Also watch the accompanying video.