The per sq ft rent works out to around Rs 505, making it the most expensive commercial real estate lease deal so far, real estate experts said. However, the deal is an outlier in terms of commercial rentals, they added
More than 1 crore square feet of construction is expected to come up in Dharavi in the next 17 years with close to 70-80 lakh square feet for rehabilitation and the rest for sale in the open market, SVR Srinivas, CEO of Dharavi Redevelopment Project (DRP), tells Moneycontrol.
The land parcels will be leased for 80 years due to which the MMRDA which is the special planning authority (SPA) of BKC will earn Rs 2,067 crore.
The developer was to give possession of the office space to the buyer in September 2015 but delivered it only in December 2019 because it could not get an occupation certificate (OC) owing to a dispute with the Mumbai planning authority
Apart from Brookfield Asset Management, several other global and domestic institutional investors had shown initial interest in the IL&FS's headquarters in Mumbai.
After having installed an electric vehicle charging station at Vikhroli, Tata Power recently set up EV charging stations at malls in Mumbai's Lower Parel and Kurla areas.
Godrej Properties, the Mumbai-based real estate developer announced launch of their BKC (Bandra-Kurla Complex) project in partnership with country's largest private air carrier Jet Airways.