CDSL acquires 46,000 sq ft of office space in Mumbai for Rs 163 crore

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Central Depository Services (India) Limited, the first listed Indian central securities depository, has acquired two floors of more than 46,200 sq ft (carpet area) of office space in the Marathon Futurex tower in Mumbai's Lower Parel for Rs 163.16 crore.

It paid a stamp duty of Rs 9.79 crore for the registration of the two deals.

CDSL has bought 23,110 sq ft of space on the 35th floor for an agreement value of Rs 81.64 crore for which the total usable carpet area is 23,100 sq ft. It comes with 16 car parking slots. The agreement was registered on November 14, documents accessed by CRE Matrix showed.

It has also acquired space on the 34th floor spread across an area of 23,110 sq ft for which the company has paid an agreement value of Rs 81,52 crore and a stamp duty of Rs 4.89 crore. The space comes with 15 car parking slots, the document showed.

"A combination of several factors worked in our favour in concluding this deal,” said Mayur Shah, Managing Director, Marathon Group. “Our project's location was a key consideration. With the Deslise Road bridge finally set to reopen, even road traffic issues will soon be eased. This enables employers to attract talent from all over the city."

"Sale of 23,110 sqft carpet area office grade A space in Lower Parel once again reinstates unsatiated demand for good quality office space. The price comes to approximately 35,300 per sqft on carpet which is very attractive as housing projects in the same micro-market trade at 50,000 per sq ft. Offices in the Lower Parel micro-market are trading at a significant discount to housing at the moment, thereby making the offices asset class an attractive investment opportunity for self-use and investment purposes. Also given the capital value of commercial assets is low at the moment, appreciation is near guaranteed in the future as commercial office prices play catch-up with housing prices in the micro-market,” said Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix.

Marathon Group said in a regulatory filing that it sold commercial space worth over Rs 400 crore this year alone at Marathon Futurex, its flagship commercial project in Lower Parel - Marathon Futurex.

Marathon has also launched a commercial tower in Mulund called Marathon Milennium and also has plans for a commercial tower at Byculla in a joint venture with Adani Realty.

Earlier this year, Kansai Nerolac acquired 23,500 sq ft in the same building in a deal worth Rs 85 crore and filmmaker Rakesh Roshan's firm FilmKraft purchased 10,000 sq ft for Rs 33 crore.

In September this year, Nykaa, the widely known name for Falguni Nayar-promoted FSN E-Commerce Ventures, had leased two office spaces spread across 55,146 sq ft at Lower Parel in Mumbai for around Rs 70 lakh a month for five years. These floors had been leased from Marathon Realty Private Limited.

L'Oreal, Zee Entertainment, SBI Capital, IDBI Federal, Invesco and Thomas Cook are others to have bought office spaces in the building.

Over 7000 office goers work at Futurex daily with more than 10 lakh sqft of business spaces already operational. Each floor at Futurex measures up to 60,000 sq ft. Futurex offers flexible end uses - both IT /ITes and commercial. The project recently received the Occupation Certificate for floors 31 to 35, with the tower set to top out at 38 storeys, making it one of the tallest commercial towers in the country, the developer said in a regulatory filing.

On the back of improved sentiments, Marathon has also launched a commercial tower in Mulund called Marathon Milennium and also has plans for a commercial tower at Byculla in a JV with Adani Realty.

Marathon Group is a 52-year-old real estate developer that has completed over 80 projects in Mumbai and is currently building townships, luxury housing, affordable housing, commercial spaces, and retail spaces across the city with projects in Lower Parel, Byculla, Bhandup, Mulund, Panvel, and Dombivli.