Avendus Capital Pvt Ltd has leased four floors covering a total of approx. 1,00,000 sq ft of the saleable area at Platina located in suburban Mumbai, for monthly rent, starting at about ?2,53,63,844. It has leased the space from The Wadhwa Group. Platina also happens to be the headquarters of The Wadhwa Group.
The lease tenure which was registered on September 16, 2022, is for 60 months which realises an average rate of ?278 per sq ft., with both tenant and owner having to stick to a lock-in period of entire 5 years taking the overall value of the deal to approx. Rs 170cr. Avendus Capital has paid around ?15.22 crore as a security deposit, the lease deed showed.
Commenting on the lease deal Sameer Kamath – Executive Director and Group CFO at Avendus Capital said, “The premise in Platina, BKC will be our new head office and will house all our businesses, with over 450 employees based in Mumbai. We are a people-intensive business and this is part of our overall growth plans. We plan to move to the new premises in Q4 of FY23.”
“Commercial leasing activity is back in Mumbai with employees returning to office post the pandemic on the back of strong economic growth. The location should command a premium based on the time it takes to reach there and the multiple modes of transport available and therefore BKC perfectly fits the bill for all the leading corporates. These factors have helped us to close the deals efficiently,” said Navin Makhija – Managing Director, The Wadhwa Group.
With offices reopening, the outlook for office space absorption revised upward from previous projections and is expected to touch 53-57 mn sq ft by the end of 2022. In H1 2022, 29.5 mn sq ft of leasing activity was recorded, up 157 percent Y-o-Y. With the Covid-19 pandemic receding, employees are coming back to offices either full-time or in a hybrid model. This has resulted in a spurt in leasing activity.
