Algo-based trader IMC leases Mumbai office in one of India's highest rental deals

Mumbai Metropolitan Region saw a monthly average office rental value jump from Rs 130 per sq ft in H1 FY23 to Rs 136 per sq ft in H1 FY24.

In one of the highest lease rental transactions in India, IMC Securities Pvt Ltd, a subsidiary of global trading company IMC Trading, has leased an office complex in Mumbai's Bandra Kurla Complex for Rs 700 per sq ft, documents accessed by Propstack show. The space is located on the 4th floor of Maker Maxity 4 North Avenue building and the lease period is set to start on June 16. The transaction was signed on June 5, the documents show.

Average commercial rental rates in Mumbai range between Rs 100-500 per sq ft depending on the area however Bandra Kurla Complex (BKC) is by far the costliest among Mumbai’s business hubs with prices comparable to parts of Manhattan, New York City. Certain quarters in BKC have rents upwards of Rs 300 per sq ft, with G Block in BKC clocking rents as high as Rs 500 per sq ft.

Moneycontrol had reported on June 11 that some of Wall Street’s largest trading firms are setting up shop in India through local brokerage licenses to trade more aggressively in the Indian derivatives market, which continues to see a huge surge in volumes. Among the more visible names, Citadel Securities, Tower Research and IMC Financial Markets have set up high-frequency trading (HFT) desks for India, registering as stockbrokers, although, for now, they will focus on proprietary trading, sources told Moneycontrol. A few will also provide broking services to other smaller foreign proprietary traders, the sources said. IMC Securities is among the world's leading market makers and Specializes in algorithmic trading and advanced technology.

Records showed that previously, the company has already leased twice in BKC's Maker Maxity 5 building at Rs 421 per sq ft in April 2022, and Rs 405 per sq ft in April 2021. In March 2024, IMC Securities had leased a 25,620 sq ft of space in Altimus, Worli, at a rate of Rs 320 per sq ft.

A query sent to IMC Securities did not get any response.

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Souptik Datta

Sub Editor|Moneycontrol

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A recent report by real estate consultant ANAROCK said that in the first half of FY24, Grade A office rental values averaged Rs 83 per square foot per month across the top seven cities.

Mumbai Metropolitan Region saw a monthly average office rental value jump from Rs 130 per sq ft in H1 FY23 to Rs 136 per sq ft in H1 FY24.,

Last month, the Secretary of State of Foreign Commonwealth and Development Affairs (FCDA) of the UK government has bought office spaces in Mumbai's commercial hub Lower Parel for Rs 101.2 crore. The 12 office units sprawl more than 14,883 sq ft in the One Lodha Place building. The seller is One Place Commercial Private Ltd, a subsidiary of listed real estate developer Lodha Group.

Additionally, end of last month, Rajesh Labhubhai Lakhani, a director at real estate company Woodstock Estate LLP, bought an apartment in Oberoi 360 West in Worli, Mumbai, for Rs 97.4 crore.