Largest deal? Rekha Jhunjhunwala’s firm purchases office space in 2 deals for Rs 740 crore in Mumbai

Mumbai real estate update: This is one of the largest commercial deals reported in India in the recent past.

Kinnteisto LLP, the firm run by Rekha Jhunjhunwala, has purchased over 1.94 lakh sq ft of commercial office spaces in the Bandra Kurla Complex (BKC), India's costliest commercial district, and Chandivali area of Mumbai for around Rs 740 crore, according to documents accessed by Propstack, a real-estate data platform.

This is one of the largest commercial deals reported in India in the recent past. The seller in the case of Chandivali is Kanakia Spaces Realty Pvt Ltd, which has sold 68,195 sq ft carpet area for Rs 137.99 crore. The deal is inclusive of 110 car parking slots in the commercial office Boomerang building, according to the documents.

In the case of BKC, the arrangement is for around 1.26 lakh sq ft of built-up area across four floors in the building named The Capital. The deal is for around Rs 601 crore and comes with 124 parking slots. The seller is Wadhwa Group Holdings Pvt Ltd, the documents added showed. Both the deals were registered in October 2023.

When contacted, Rekha Jhunjhunwala told Moneycontrol that the commercial spaces have been bought for the family from a long term perspective.

"These assets generate good yields, are leased to marquee tenants. And being well located, are quite secure in nature," she said.

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Mehul R Thakkar

Special Correspondent|Moneycontrol

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Queries have also been sent to Kanakia Spaces Realty and Wadhwa Group Holdings.

Also read: Mumbai real estate update: LinkedIn leases space in BKC at Rs 1 crore monthly rent

Jhunjhunwala is also the widow of Rakesh Jhunjhunwala, the billionaire investor who died on August 14, 2022. The 62-year-old business magnate was worth $5 billion at the time, and apart from his wife, he is survived by two sons and a daughter.

Also read: Netflix renews lease for 1.37 lakh sq ft commercial space in Mumbai at monthly rental of Rs 4.28 crore

In other significant deals in the commercial space segment of late, in March, Piramal Capital and Housing Finance Ltd sold two units at TCG Financial Centre in BKC that had a carpet area of 18,764 sq ft for Rs 110 crore to TCG Urban Infrastructure Pvt Ltd.