IDBI Federal Life Insurance buys office space worth Rs 111 crore

IDBI Federal Life Insurance Company Limited has bought commercial space worth over Rs 111 crore at Marathon Futurex in Lower Parel in Mumbai. The company has acquired around 61,720 sq ft office space spread over two floors at the IGBC’s Gold rated Green Building. The deal was registered last week after completion of all formalities. The 450 employees of IDBI Federal Life Insurance will occupy the offices on 22nd and 23rd floors of the tower. The deal works out at around Rs 18000 per sq ft and falls within the ongoing property rates for outright transactions. Rates in Lower Parel are in the range of Rs 18,000-20,000 per sq ft based on the profile and facilities offered in commercial complexes here. Mayur Shah, Managing Director, Marathon Group said, “This is one of the biggest commercial realty deals in the recent time which instills the hope that commercial real estate is on track.” He added, “Among the biggest commercial real estate deals that have taken place in last couple of months, maximum deals have taken place in Marathon Futurex in Lower Parel. The reason is the distance of railway stations from the iconic building and the gold rated green building with amenities and facilities that are at par with international standards. With increasing standards Indian corporate houses and entry of multinationals, Marathon Futurex is the apt office space solutions for these companies.” Marathon Realty a developers in Mumbai, is developing this eight lakh sq ft office building, in three phases, of which two phases of 24 floors each have already been completed. Going ahead, Marathon Futurex, an IT and financial business centre launched by the Marathon has become an ideal choice for IT, BFSI Finance, Media & entertainment Legal and Multi-national companies to set up their offices in Lower Parel. The Commercial complex is located at a distance of stone’s throw from Lower Parel railway station, Currey Road railway station and the proposed mono rail station. Lower Parel is one of the booming secondary business districts of Mumbai with offices of several companies in the banking, financial services, insurance, media and entertainment industry.