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fashion designer couple Abu Jani And Sandeep Khoslacompany of absa fashion has taken up a total of 18 office floors in the western suburbs of Mumbai Goregaon Through long term lease of five years.
The company will pay a total rent of over Rs 60 crore for this office space spread over 102,000 sq ft through the lease term which does not include escalation. As per the agreement, there will be a 12 per cent increase in the rent after the first 36 months.
Abu Jani and Sandeep Khosla are among the iconic names in the Indian fashion industry, whose clients range from prominent Bollywood personalities to influential circles of industrialists. in April, Reliance Brands entered into a definitive agreement to acquire a 51% stake in its designer label.
Even though it will acquire a controlling stake, Reliance The brands had said that both Jani and Khosla would continue to lead the design and creative direction of the brand.
Hopefully ABSA Fashion will make use of the above commercial The base to operate its corporate office, design studio, tailoring, sampling, embroidery and storage unit, show documents accessed through CRE Matrix, a real estate data analytics firm.
ABSA Fashions has already paid Rs 6 crore as security deposit to the landlord Dhaniya Industries, the erstwhile Doodhwala Builders.
As per the lease agreement, which was registered on October 18, the company will get office space as well as access to a total of 60 car parking slots and terrace area in the commercial tower.
The company will be entitled to get a lease-free period of five months. However, it will be liable to pay monthly common area maintenance (CAM) charges, electricity charges and water charges. The amount of CAM fee will be Rs 5 lakh per month excluding Goods and Services Tax for these five months.
ET’s email query for ABSA Fashion remained unanswered at the time of writing.
Under the terms of the Agreement and its subsequent renewals, if any, the Company shall be permitted to install its signage on the floor, façade and lobby of the building. The company will also have the exclusive right to use the terrace area which also houses a swimming pool.
The recovery in commercial real estate, especially office spaces, after the Covid-19 pandemic is becoming broad-based, as indicated by the increasing number of small and medium-sized leases and volumes and outright transactions in key property markets.
The commercial office segment, which was hit hard by the pandemic, has made a strong comeback in the last 3-4 quarters with strong economic growth, increase in hiring, and return to office space, keeping the office sector buoyant.
The Indian office market grew significantly and delivered a strong performance in the first half of 2022. Office transactions were recorded at 25.3 million sq ft, a year-on-year growth of 107%, indicating market potential on the back of a waning pandemic and the promise of continued economic recovery.
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