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Engineering and construction major Larsen & Toubro sold pre-leased office space spread over three floors at L&T Business Park-TC-IV. Mumbaifrom powai suburb of National Realty Around Rs 81 crore.
The company sold this office immediately after leasing out approximately 37,527 square feet of carpet area. Cityustech Healthcare The annual rent of the technology is Rs 7.40 crore.
National Realty, formerly known as National Leasing, is a real estate investment company primarily engaged in the business of acquisition of properties. commercialand leasing the same to corporates and banks.
The buyer has paid a stamp duty of Rs 4.85 crore for the acquisition of the 9th, 10th and 11th floors of L&T’s commercial tower.
Along with these three floors, National Realty has got exclusive access to a total of 54 car parking slots as part of the deal registered on Friday, show documents accessed through CRE Matrix, a real estate data analytics firm.
Earlier, L&T had leased this office space to Sitiustech Healthcare for a total long term of 10 years. Sitiustech Healthcare has paid a security deposit of approximately Rs 3.70 crore for this lease. The lessee will pay a monthly rent of Rs 61.65 lakh and the agreement includes a provision to increase it by 5% in the second year and 4.2% every year thereafter, till the lease term expires.
The lease period will commence from December 26, 2022 and SitiusTech Healthcare will get a rent-free period of four months prior to the commencement date as part of the agreement registered in February.
With the sale transaction and transfer of control, National Realty will receive rental income from this pre-leased property.
ET’s separate email queries to L&T, National Realty and Sitiustech Healthcare remained unanswered till the time of going to press.
The demand for office space has made a strong comeback in key property markets. With the continuous rise in demand for Grade-A commercial office space, experts believe that the pace of investment in the Indian real estate sector will continue to pick up.
India’s top office markets to record total gross leasing activities of 51.6 million sq ft in 2022, up 36% from last year’s performance. Recent data shows that this was the second best year for office transaction volume historically, with the peak achieved in 2019.
In total office space absorption, Mumbai registered 6.4 million sq ft during the year, up 69%. In terms of new supply, the country’s commercial capital has completed just under 1 million sq ft in the second half of 2022. Lower Parel We ourselves have seen strong leasing momentum in the last one year.
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