Rakesh Roshan’s firm buys commercial space in Mumbai for Rs 33 crore

Hrithik Roshan

FilmKraft Productions Pvt Ltd, a company owned by Rakesh Roshan and Hrithik Roshan, has bought four office units spread across an area of 10,000 sq ft in Marathon Futurex in Mumbai’s Lower Parel area for Rs 33 crore, documents accessed by CRE Matrix, a real estate data analytics firm, show.

The total area of the commercial space is 10,539 sq ft and comes with eight car parking slots.

The Agreement for Sale was registered on November 1. A stamp duty of around Rs 2 crore was paid on the deal.

The sellers are Marathon Nextgen Realty Limited and Marathon Realty Private Limited

There was no comment from the buyers or the sellers.

“Sale of 10,539 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 32,000 per sqft on carpet which is very attractive as housing projects in the same micromarket trade at 50,000 per sqft,” said Abhishek Kiran Gupta, CEO & Co-founder, CRE Matrix.

“Offices in Lower Parel micromarket are trading at a significant discount compared to housing at the moment. Therefore, the asset class makes an attractive investment opportunity for self-use and investment purposes. Investors can comfortably expect rent yield of 7.5-8.0 percent at this capital value price. 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 micromarket,” said Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix.

In September this year, Nykaa, the widely known name for Falguni Nayar-promoted FSN E-Commerce Ventures, has 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 have been leased from Marathon Realty Private Limited.