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Mohan ExportsThe parent company of Mohan Group has bought premium office space of approximately 27,000 sq. ft. DLF Horizon Center Golf Course Road Gurgaon 80.66 crores from Rs. Hero CyclesDocuments accessed by ET showed.
DLF, also a leading lease-rental company, had sold several office floors to prominent families and corporations from 2014 to 2019, but stopped further sales after that. In 2021, DLF Buyback of Hines’ 51.8% stake in a tower for Rs 780 crore. currently, DLF And its family members own 60% of the entire Horizon Center.
DLF Has completed its first private sale transaction following initial sales of office space to notable individuals within the country and subsequent decision to discontinue such sales and focus on building rental portfolio.
Hero Cycles while declined to comment Mohan Exports Did not respond to email query.
According to the copy of the sale deed, Mohan Exports has paid Rs 5.64 crore as stamp duty.
Mohan Group is engaged in international trade, infrastructure and industrial projects and special economic zones,
Kshitij Jain of Rizin Advisory and Foro Advisory, acting as a multi-family office advisor to clients in India, confirmed the transaction.
“This office was already leased to a co-worker, and the exit yield for the winning bidder was approximately 6%. This establishes a positive outlook of the commercial office market, especially for Marquee properties and other With regard to pre-leased offices. This sale has led to a clear move up of pricing benchmarks, especially in metro cities, leading to a reduction in yield in future,” said Jain.
During the first quarter of 2023, $45 million (Rs 3.7 billion) was invested in real estate in India.
Recent events in the global financial world following the failure of Silicon Valley Bank and the contagion spreading to other mid-market US banks have added to the overall uncertainty in India’s appetite for office leasing market. This is undermining investor confidence in making bold bets in the immediate term.
“There is a paucity of good quality commercial properties for sale on Golf Course Road and limited scope for new development hence investors are always on the lookout for good properties in this micro-market. Any space available for sale finds buyers because of the demand and supply gap,” said Vibhor Jain, managing director, North India, Cushman & Wakefield.
Data indicates that commercial office assets remained the top performer in the first quarter of 2023, garnering nearly 64% of total investments.
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