Red Fox IT Infra LLP, a subsidiary of the co-working space provider Redbrick Offices has invested a substantial sum of Rs 267.5 crore to acquire 22 office units in the Times Square building at Marol in Mumbai. As per the documents accessed by CRE Matrix, this transaction took place in two distinct deals.
Transaction Breakdown
The overall built-up area acquired through these two transactions is 87,618 square feet, as per the documents accessed. The buyer paid a stamp duty of Rs 8.02 crore for these transactions. The office units in both deals were purchased from NTPL Developers LLP.
First Deal
In the first deal, which was completed on May 3, 2024, Red Fox IT Infra LLP paid Rs 218.9 crore to buy 18 office buildings. This purchase comprises a 72,150 square feet area and 73 car parking spaces. For this transaction, the total stamp duty paid was Rs 6.56 crore.
Second Deal
The second deal involved the purchase of 4 office apartments on the sixth and eighth floors of the same building for Rs 48.54 crore and was completed on May 8, 2024. These office spaces have 15,468 square feet of built-up area and come with 15 car parking slots. This transaction required the payment of Rs 1.45 crore in stamp duty.
The aforementioned transaction highlights the increasing demand for office space in neighborhoods such as Marol in Mumbai’s Andheri East. It also emphasizes how leading competitors like Redbricks Offices continue to invest in Mumbai’s commercial real estate.
Recent Office Space Transactions
Strong investor confidence is evident in the large deals that Mumbai’s commercial real estate market continues to see. The Kalpataru Infinia building in Santacruz East, Mumbai, was purchased by ICICI Prudential Asset Management Company Limited in June for Rs 315 crore.
In a different deal, Tata Digital Private Limited (TDPL) has renewed its lease for the headquarters located at Fort House in Mumbai for a monthly rental of Rs. 3 crore.
Also, Bollywood actor Amitabh Bachchan paid around Rs 60 crore for three office suites in Mumbai’s Veer Savarkar Signature Building.
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