Upward move in commercial realty

Real estate
The commercial real estate market is slowly reviving as higher government incomes and an improving economy are prompting customers to invest. Developers say that there are more enquiries from investors.

Many developers, instead of selling their properties, are signing rental deals. In one recent deal, global consultant KPMG signed a deal with Lodha Developers for renting out a 130,000 square feet property at Mahalaxmi in central Mumbai, for a monthly rental of Rs 160 per square feet.

The company has 5commercial projects in Mumbai, in areas such as Parel, Worli and Thane. Recently, Lodha also bid Rs 710 crore for NTC’s 10.3-acre Finlay Mill land in central Mumbai.

Similarly, in a recent transaction in the commercial property space, investor C Sivasankaran acquired a 66% stake in a commercial property SPV from DLF for Rs 310 crore. Akruti City is the other investor in the SPV.