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IBM Leases 1.62 Lakh Sq Ft at Embassy Golflinks, Bengaluru for ₹2.4 Cr Monthly Rent

IBM Embassy Golflinks Bengaluru lease

In one of the largest commercial leasing transactions of 2025, IBM India Pvt. Ltd. has leased 161,884 sq ft of Grade-A office space at Embassy Golflinks Business Park (EGL), Bengaluru. According to documents accessed by CRE Matrix, the transaction was registered on 23 September 2025.

Transaction Structure and Financial Terms

IBM India Pvt. Ltd., the licensee in the transaction, has leased a total built-up area of 161,884 sq ft. The starting monthly rent is ₹2,42,82,600, translating to ₹150 per sq ft. The company has paid a security deposit of ₹14,56,95,600 for the lease. This runs for a total tenure of 60 months with a lock-in period of 36 months. The agreement also provides IBM with 216 car parking slots at a charge of ₹4,526.70 per slot. IBM was scheduled to take possession on 17 April 2025, followed by a 45-day rent-free fit-out period before full rent commences.

Fit-Out Terms Highlight Long-Term Occupation Strategy

The lease includes a detailed fit-out arrangement that reflects a large-scale and long-term workspace buildout. During the fit-out phase, IBM will pay a fit-out rent of ₹63.09 per sq ft and has furnished a fit-out security deposit of ₹6,12,79,569. This is equivalent to six months of fit-out charges. Major technology and consulting firms typically use such commercial terms when they make substantial investments in customized office infrastructure. They do this to support delivery, engineering, and innovation-led teams.

Prime Campus Location Strengthens EGL’s Market Position

IBM has leased space across Unit 3 and Unit 4 on the third floor and Unit 1 and Unit 2 on the fourth floor of the Pine Valley block at Embassy Golflinks, Challaghatta. Positioned between Koramangala and Old Airport Road, Embassy Golflinks Business Park remains one of India’s most sought-after integrated technology campuses.

The park continues to attract Fortune 500 occupiers across IT services, BFSI, cybersecurity, research and development, and consulting sectors. IBM’s high-value lease further reinforces the sustained demand for Grade-A office spaces in Bengaluru. Furthermore, it highlights the city’s continued importance as a global technology and business hub.

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Madhuri Dixit and Dr. Shriram Nene Sell Juhu Apartment for ₹3.9 Crore

Madhuri Dixit Sells Juhu Apartment

Bollywood actress Madhuri Dixit Nene and her husband, Dr. Shriram Madhav Nene, have sold their luxury apartment in Mumbai’s premium Juhu locality for ₹3.9 crore, according to property registration documents accessed by CRE Matrix. The transaction was registered on December 15, 2025, marking another high-profile residential deal in Mumbai’s western suburbs.

The apartment is located at Flat No. 41 on the fourth floor of Iris Park, Deep Varsha Co-operative Housing Society, situated on Military Road in Juhu (400049). Notably, the property has a carpet area of 780.13 sq ft. It is located within one of Mumbai’s most sought-after residential micro-markets, known for its celebrity ownership.

Transaction Details

The total consideration recorded in the sale deed stands at ₹3.90 crore. In addition to the sale value, a security deposit of ₹19.5 lakh formed part of the transaction. The buyer of the apartment is Mrs Darshana Ghatlia. As reflected in the stamp duty calculation sheet within the registered documents, the buyer also availed a 1% stamp duty concession under the Maharashtra government’s women homebuyer benefit scheme.

Nearly 100% Appreciation Since 2012

Madhuri Dixit and Dr. Nene had originally purchased the Juhu apartment in June 2012 for ₹1.96 crore. The latest transaction reflects a capital appreciation of nearly 100% over a period of 13 years. The strong price growth indicates Juhu’s enduring appeal as a premium residential destination, where demand remains resilient despite market cycles.

Juhu continues to command consistent buyer interest due to its strategic location, proximity to the coastline, established social infrastructure, and concentration of celebrity residences. Limited availability of premium homes in the area has supported steady capital appreciation, with celebrity-owned properties often attracting additional valuation premiums.

Recent Transactions

Celebrity real estate transactions in Mumbai remain closely tracked indicators of market strength. As a result, recent high-value deals in established western suburbs stand out. Moreover, they highlight resilient demand. At the same time, limited supply continues to support steady capital appreciation in prime residential pockets.

In a recent transaction, popular comedian Bharti Singh sold her apartment in Mumbai’s Goregaon West for ₹3.75 crore. In another transaction, Preity Zinta sold her premium apartment in Mumbai’s upscale Bandra locality for ₹14.08 crore. 

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New Century Sofa India Secures Large Industrial Lease in Tamil Nadu

New Century Sofa India Secures Industrial Lease

IndoSpace, a leading investor, developer, and operator of Grade-A industrial and logistics real estate in India, has signed a major lease with New Century Sofa India. The deal covers 2.72 lakh sq ft at IndoSpace Industrial Park, Oragadam II. The facility is located in Block B, Venbakkam, along the Oragadam–Walajabad Road in Sriperumbudur Taluk, Kancheepuram District.

According to lease documents shared by CRE Matrix, the agreement has a 36-month tenure with a full 36-month lock-in. This structure ensures long-term stability for both parties. The lease also includes a 5% annual rent escalation, offering predictable annuity income for IndoSpace and operational certainty for the tenant.

Phased Possession For Faster Operational Readiness

Notably, the lease covers three buildings within the industrial park. This structure allows New Century Sofa India to plan its operations efficiently. IndoSpace handed over possession on 1 April 2025, enabling early operational preparation. Buildings 1 and 3 had no fit-out period. As a result, the tenant could install machinery and begin operations immediately after handover.

Meanwhile, Building 2 follows a staggered timeline. The lease commencement date was 16 May 2025. The rent commencement date began on 1 October 2025. Consequently, this phased approach offers flexibility. It also aligns rental obligations with operational readiness.

Part of IndoSpace’s Larger Industrial Expansion Strategy

Importantly, this transaction aligns with IndoSpace’s aggressive expansion in Tamil Nadu. The developer has increased its planned capital deployment to ₹4,500 crore for new logistics and warehouse developments. This surge reflects the state’s rapid emergence as a preferred destination for large-scale manufacturing. Strong infrastructure and supportive policies continue to drive this growth.

Global and domestic OEMs such as Hyundai, Nissan, Foxconn, and Pegatron have already announced major expansions in the region. Meanwhile, IndoSpace plays a critical role in supporting these supply chains. It does so by delivering scalable, Grade-A industrial facilities.

Furthermore, the Oragadam deal adds to IndoSpace’s recent leasing momentum. In recent quarters, the company signed large occupiers across multiple locations. These include Relaxo Footwears at Bhaproda (243,549 sq ft), Puma at Luhari IV (around 279,000 sq ft), Inox Solar at Bavla (284,180 sq ft), and a nearly 700,000 sq ft expansion by RenewSys at Khopoli II.

Consequently, industry experts see this sustained leasing activity as a sign of strong demand. Key sectors include consumer goods, retail, electronics, and renewable energy. This demand is driven by India’s expanding consumption base and continued supply chain diversification.

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Hrithik Roshan’s Parents Lease Commercial Space in Andheri West for ₹14.5 Lakh a Month

Rakesh Roshan and Wife leases to Fabindia

Hrithik Roshan’s parents, filmmaker Rakesh Roshan and Pramila Rakesh Roshan, have leased a commercial property in Mumbai to Fabindia Limited for a monthly rent of ₹14.5 lakh, according to documents accessed by CRE Matrix. The deal reflects steady demand for premium retail spaces in established commercial locations across the city.

The property is located at De Mall on Veera Desai Road in Andheri West, a well-known retail and commercial corridor. It offers a carpet area of 6,389.47 sq ft, with the rent working out to around ₹227 per sq ft. This rate aligns with current market levels for quality retail assets in the area.

Key Lease Terms and Timeline

The lease agreement was registered on December 9, 2025, and includes a security deposit of ₹87 lakh. Fabindia Limited also received access to five car parking slots as part of the deal. The landlord handed over the premises on September 1, 2025.

The lease runs for a period of five years. Fabindia has a lock-in period of 15 months, while Rakesh Roshan and Pramila Rakesh Roshan are committed to a full five-year lock-in. As a result, the structure offers flexibility to the tenant and long-term income visibility to the owners.

Structured Rental Escalation

The agreement clearly outlines rental escalation across the lease term. The monthly rent stands at ₹14.5 lakh in the first year. It rises to ₹15 lakh in the second year and ₹16 lakh in the third year. In the fourth and fifth years, the rent increases further to ₹18.4 lakh per month, reflecting confidence in the long-term potential of Andheri West as a retail destination.

Celebrity Interest in Commercial Real Estate

Commenting on the transaction, Abhishek Kiran Gupta, CEO, CRE Matrix, said the deal highlights the growing interest among celebrities in commercial real estate. He noted that prime retail assets offer stable cash flows, predictable returns, and long-term value appreciation, making them an attractive wealth-building option for high-net-worth individuals.

Recent Transactions

Recent office and commercial space deals involving celebrities show a clear shift towards income-generating real estate assets. Increasingly, high-profile investors are choosing premium retail spaces and Grade A offices to secure steady rental income and long-term capital appreciation.

Earlier this year, Bollywood actor Manoj Bajpayee and his wife, Shabana Bajpayee, leased two commercial properties in Andheri West for a monthly rent of ₹10.9 lakh for a five-year term, highlighting the continued appeal of Mumbai’s western suburbs for commercial investments.

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Apple Opens First Store in Noida at DLF Mall of India, Signs ₹65 Crore Lease for 11 Years

Apple is set to open its first retail store in Noida on December 11, marking the company’s fifth official Apple Store in India and its second in the Delhi NCR region after Saket. The new outlet is located at DLF Mall of India, one of the country’s largest and most prominent shopping destinations.

According to sublease documents accessed by CRE Matrix, Apple India Private Ltd has leased 8,240.78 sq ft of retail space at the mall for 11 years. The total rental outgo over the full tenure stands at approximately ₹65 crore, reflecting a long-term commitment to the market.

Lease Details

The documents show that Apple has leased six ground-floor retail units at DLF Mall of India, together comprising 8,240.78 sq ft of carpet area. The agreed rental stands at ₹263.15 per sq ft per month. This translates to a monthly rent of around ₹45.3 lakh and an annual rent of about ₹5.4 crore.

Additionally, the lease includes a one-year rent-free period. It also features a 15% rent escalation every three years. Over the full 11-year tenure, the total rent aggregates to ₹64.9 crore. Apple India Private Ltd and Paliwal Real Estate Limited signed the sublease deed on February 25, 2025.

Meanwhile, queries have been sent to Apple India, DLF, and Paliwal Real Estate Limited. The story will be updated if responses are received.

Strengthening Apple’s NCR Presence

With this launch, Apple strengthens its footprint in the Delhi NCR region. The Noida outlet follows the Saket store that opened in 2023. Retail experts say the move signals Apple’s growing confidence in Noida as a high-consumption and high-growth market.

Although rents for smaller stores at DLF Mall of India typically range between ₹500 and ₹700 per sq ft, larger-format stores enjoy pricing advantages. Due to scale and negotiation leverage, brands like Apple secure lower effective rentals. Experts also note that Apple’s Noida rent aligns closely with its Saket store, reinforcing consistency in its leasing approach.

Location Advantage and Catchment

DLF Mall of India spans nearly one million sq ft, making it Noida’s largest mall. It is also more than twice the size of Select Citywalk, Saket. Importantly, it remains the only retail centre of this scale and category in the region.

As a result, the Noida store benefits from a wide regional catchment. This includes Ghaziabad, Greater Noida, South Delhi, Agra, Mathura, and several emerging demand hubs.

Brand Pull Reflected in Leasing Strategy

According to industry observers, Apple’s rental levels reflect more than just location quality. They also highlight the strong footfalls and brand value that Apple brings to large-format malls. In turn, the Noida lease enhances DLF Mall of India’s position as a marquee retail destination in North India.

Overall, with the Noida opening, Apple continues its measured and data-driven retail expansion in India. The strategy balances prime locations, uniform store formats, and long-term lease commitments across key urban markets.

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Current Trends in Commercial Real Estate (CRE) in India

Current Trends in Commercial Real Estate (CRE) in India

India’s Commercial Real Estate (CRE) sector is undergoing a strong growth phase, driven by rising office demand, expanding infrastructure, and stable economic fundamentals. For investors, developers, and occupiers, CRE is becoming one of the most attractive asset classes due to its high yield potential, low volatility, and increasing institutional participation.

This blog covers:

Key drivers fueling India’s CRE boom
Emerging trends across office, retail, warehousing, and mixed-use segments
City-wise performance and hotspots
Risks affecting the sector
The 3–5-year outlook for CRE investors

What’s Driving the CRE Boom in India

Economic Growth & Urbanization

Growth in Urban Population & Tier-2/3 Cities

India’s rapid urbanization is shifting demand toward business districts, IT parks, and commercial hubs. With Tier-2 and Tier-3 cities improving their infrastructure and talent base, they are emerging as the next hotspots for office development and flexible workspaces.

Expansion of Industries and Outsourcing Sectors (IT/ITeS, Retail, Logistics)

Sectors like IT/ITeS, BFSI, GCCs, retail, and e-commerce continue to be the backbone of office demand. Global Capability Centers (GCCs) are expanding, particularly in Bengaluru, Hyderabad, Chennai, Pune, and NCR.

Demand for Flexible Workspaces & Co-Working

Rise of Startups and SMEs — Shift from Traditional Offices

With cost optimization becoming a priority, companies are preferring plug-and-play coworking and managed office spaces. Startups and SMEs are driving this flexible ecosystem.

Influence of the Hybrid Working Model Post-Pandemic

Hybrid models have reshaped office leasing patterns. Demand is now spread across both central business districts (CBDs) and peripheral micro-markets, as seen in Whitefield (Bengaluru) and North Chennai — both witnessing strong quarterly rental growth.

Infrastructure Development & Connectivity

Government Initiatives: Metro, Smart Cities, Road/Rail Connectivity

Large-scale metro expansions, smart city missions, and new expressways (like Dwarka Expressway, Mumbai Coastal Road) are directly enhancing commercial property demand.

Impact on Commercial Property Valuations

Areas with improving connectivity—like NCR’s NH-48 Prime—have seen office rents rise over 16% YoY and a 3-year CAGR of 10.1%, demonstrating strong value creation where infra growth is taking place.

Key Emerging Trends in CRE (2024–2026)

Rise of Logistics & Warehousing Real Estate

E-Commerce Boom & Demand for Storage + Last-Mile Delivery Hubs

Online retail and 3PL logistics companies are aggressively expanding warehousing spaces across Mumbai, NCR, Pune, and Hyderabad.

Incentives for Industrial Parks & SEZs

Government support for logistics parks, free trade zones (FTZs), and industrial corridors is accelerating investor interest.

Shift Towards Grade-A Office Spaces with ESG/Green Certifications

Growing Preference for Energy-Efficient, Sustainable Buildings

Corporates now prefer Grade-A, IGBC/LEED-certified office buildings due to energy efficiency, compliance requirements, and employee well-being.

Demand from Multinational & Large Indian Firms

Fortune 500 companies and GCCs are driving bulk leasing in Grade-A corridors in Bengaluru, Mumbai, NCR, and Hyderabad.

Diversification: Retail, Mixed-Use & Co-Living Developments

Mixed-Use Developments Combining Offices, Retail, F&B, Recreation

Integrated townships and mixed-use business parks are becoming the norm, offering office spaces along with malls, food courts, entertainment, and residential blocks.

Co-Living / Serviced-Apartment Growth in Metros

Cities with strong migrant populations—Bengaluru, Mumbai, Pune, NCR—are seeing rapid expansion in co-living and serviced apartments.

Regional Hotspots & Emerging Cities

Metro Cities vs Tier-2 / Tier-3 Cities

Overview of Metros (Mumbai, Bengaluru, NCR, Pune)

Delhi NCR: Led the country with a 16.4% YoY surge in office rentals between April–June.
Mumbai: Recorded the highest quarterly rental growth of 3.6%, reaffirming its position as India’s most resilient office market.
Bengaluru: Whitefield shows strong momentum as companies shift outside CBDs.
Chennai: Northern suburbs are witnessing increased leasing activity.

Emerging Strength in Cities Like Hyderabad, Ahmedabad, Jaipur, Coimbatore

Improving infrastructure, growing IT presence, and business-friendly policies are boosting these cities’ CRE prospects.

What Makes a City Attractive for CRE Investors

Connectivity, Talent Pool, Business Environment, Policy Incentives

A combination of strong transport networks, skilled workforce, government incentives, and presence of top corporates makes a market favorable for CRE investment.

Challenges & Risks Affecting CRE in India

Regulatory & Compliance Issues

Real Estate Regulations, Approvals, RERA Impact

While RERA has brought transparency, regulatory approval cycles remain slow in several states.

Heterogeneous Tax & Compliance Environment Across States

Tax incentives, stamp duties, and policy rules differ widely across regions.

Economic Cycles & Global Uncertainty

Impact of Global Recession Risks, Interest Rate Fluctuations

Economic uncertainties can delay leasing decisions and slow down new construction.

Vacancy Rates, Rental Yield Pressures

Certain micro-markets continue to face oversupply challenges.

Sustainability & Environmental Considerations

Need for Green Certification, Energy Efficiency, Waste Management

Corporate occupiers increasingly demand buildings that meet sustainability metrics.

Balancing Profitability vs ESG Compliance

Developers often weigh upfront costs vs long-term operational efficiencies.

Outlook: What to Expect in the Next 3–5 Years

Continued Growth in Logistics & Warehousing

Driven by e-commerce and supply chain modernization.

Greater Demand for Hybrid & Flexible Office Spaces

Coworking and managed offices will continue strong leasing momentum.

Rise of Mixed-Use and Integrated Developments

More developers will adopt the work + live + shop format.

Increased Focus on ESG, Tech-Enabled Facilities, and Investor Interest

Smart buildings, automation, energy-efficient designs, and REIT participation will rise.

FAQs About CRE in India

Is investing in CRE a good idea right now in India?

Yes, CRE remains attractive due to stable rentals, strong demand in Grade-A markets, and growth in logistics/warehousing. However, investors should evaluate market risks and the supply-demand balance.

Which cities offer the best returns for CRE investors?

Mumbai, Bengaluru, NCR, Hyderabad, and Pune are top choices. Emerging cities like Ahmedabad, Jaipur, and Coimbatore are gaining traction due to rising infrastructure and business activity.

How does sustainability (green buildings) affect CRE investment value? Green-certified buildings often command higher rentals, lower vacancy, and increased investor preference due to ESG compliance requirements.

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JLL Leases 1.2 Lakh Sq Ft at Prestige Skytech, Hyderabad for ₹64 Lakh a Month

JLL leases office space in Hyderabad

Global real estate consultancy Jones Lang LaSalle Property Consultants India (JLL) has leased 1.21 lakh sq ft of office space at Prestige Skytech – Sky One in Poppalguda, Gandipet mandal, Hyderabad. The deal highlights growing confidence in the city’s western office corridor.

According to property registration data accessed from CRE Matrix, JLL leased the space from Mrs. Prahathi Madhu at a starting monthly rent of ₹64.13 lakh. The agreement was registered on November 28, 2025, with a security deposit of ₹3.85 crore.

Transaction Details

The lease covers 1,20,993 sq ft at a starting rent of ₹53 per sq ft per month. This translates to a monthly outgo of ₹64.13 lakh. The agreement runs for 60 months and includes a 36-month lock-in period. The deal also provides 134 car parking spaces. In addition, JLL will pay CAM charges of ₹13 per sq ft per month.

The property was scheduled for handover on September 15, 2025. However, the rent will start from April 15, 2026, giving JLL a seven-month fit-out or rent-free period. The lease includes a 15% rental escalation after three years from the rent start date.

Western Corridor Continues to Attract Grade A Demand

The transaction highlights steady demand for Grade A office space in Hyderabad. Emerging micro-markets such as Poppalguda and Gandipet continue to gain traction. Improved infrastructure and close access to the Financial District support this shift.

Large office leases by global real estate firms show that corporate occupiers still prefer long-term, high-quality assets. This trend continues despite the rise of hybrid work models. Hyderabad’s western corridor is now strengthening its position as a key hub for large office mandates and institutional-grade developments.

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Mahindra Logistics Locks 3.28 Lakh Sq Ft Lease in Telangana

Mahindra Logistics Telangana warehouse lease

Mahindra Logistics Ltd (MLL) continues to accelerate its nationwide growth strategy in 2025, with a clear focus on strengthening its presence beyond traditional metro markets. According to documents accessed by CRE Matrix, MLL has leased 3.28 lakh sq ft of warehousing space in Siddipet, Telangana. The move reflects a calculated push toward emerging industrial corridors and fast-growing Tier-II and Tier-III locations.

The warehousing facility has been leased from Sri Aditya Industrial Logistics Park Private Limited and is located at Baswapuram, Kothur (Mulugu Mandal), Siddipet district. According to lease documents, the agreement spans 60 months, with Mahindra Logistics committing to a monthly rental of ₹6.89 crore. 

This transaction reinforces MLL’s ambition to build a pan-India logistics network that goes beyond established metro hubs. With manufacturing and consumption dispersing into smaller cities, Siddipet’s strategic location offers proximity to growing industrial clusters and improved regional connectivity across Telangana.

Part of a Larger Expansion Playbook

The Siddipet lease is not an isolated transaction but part of an aggressive expansion cycle by Mahindra Logistics throughout 2025. In January, the company leased 4.75 lakh sq ft of warehouse space near Khed, Pune, under a five-year agreement valued at nearly ₹73 crore. Shortly after, MLL added almost 4 lakh sq ft of warehousing capacity in the Northeast, covering key markets such as Guwahati and Agartala.

In another major move, April 2025 saw the logistics major secure a long-term lease for 4.75 lakh sq ft near Kolkata’s Howrah district, one of the largest logistics leasing transactions in eastern India this year. Collectively, these deals reflect a deliberate effort to diversify MLL’s warehousing and distribution footprint across multiple regions — Telangana in the south, Maharashtra in the west, Assam and Tripura in the northeast, and West Bengal in the east.

Riding the I&L Real Estate Upswing

Mahindra Logistics’ expansion comes at a time when India’s industrial and logistics (I&L) real estate sector is witnessing record demand. According to CBRE South Asia, leasing activity across the top eight Indian cities touched 37 million sq ft during January–September 2025, marking a 28% year-on-year growth.

The momentum has been powerful in the first half of 2025, with leasing volumes reaching an all-time high of 27.1 million sq ft. Demand continues to be driven by third-party logistics (3PL) players, e-commerce firms, manufacturing companies, and consumer goods enterprises scaling up their supply-chain infrastructure.

While established hubs such as Delhi-NCR, Bengaluru, and Hyderabad still dominate leasing volumes, Tier-II and Tier-III markets are rapidly gaining traction. This structural shift toward geographically diversified warehousing is reshaping India’s logistics landscape — a trend that Mahindra Logistics appears keen to capitalize on.

The Bigger Picture

The Siddipet warehouse lease underscores Mahindra Logistics’ long-term confidence in India’s evolving supply-chain ecosystem. By aligning its growth strategy with emerging consumption centers and industrial belts, the company is positioning itself to serve clients more efficiently while future-proofing its logistics network in a decentralizing economy.

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Brokerage Firm Sharekhan Ltd Sells Office Space in Mumbai’s Dadar for ₹45 Crore

Sharekhan Ltd Sells Office Space in Mumbai’s Dadar

Indian stock broking firm Sharekhan Limited has sold its office space in Mumbai’s Dadar locality for ₹45 crore, according to property registration documents accessed by CRE Matrix. The transaction highlights continued demand for quality commercial assets in prime central Mumbai locations.

The company had originally acquired the office space in November 2010 for a little over ₹31 crore. With the latest transaction, the asset has recorded an appreciation of over 42% in around 15 years. This indicates the long-term value of well-located commercial real estate in the city.

The property has been purchased by DE-Max Fincap Advisors Private Limited, which already operates out of the same building. The transaction reflects an expansion or consolidation move by the buyer, leveraging familiarity with the building and its strategic location.

As per the registration documents, the deal involved a stamp duty payment of ₹3.27 crore. Additionally, it included a registration fee of ₹30,000. Sharekhan sold the office space along with 20 car parking spaces. The parties officially registered the agreement on December 3, 2025.

The office unit has a carpet area of 11,820 sq ft and is located on the 18th floor (South West Wing) of the 20-storey commercial tower ‘The Ruby’. Positioned near Dadar railway station, the building enjoys excellent connectivity and proximity to Mumbai’s key central business corridors. This makes it a highly sought-after address for financial and professional services firms.

Recent Transactions

Recent office space transactions in Mumbai reflect sustained corporate demand for premium, well-connected commercial assets. This demand is driven by consolidation, long-term investment strategies. It also reflects strong confidence in Mumbai’s key business districts despite evolving workplace dynamics.

In a recent transaction, Sporta Technologies Private Limited, Dream11’s Parent Company, secured a 1.70 lakh sq ft office lease in Worli for ₹334 Crore. In another transaction, Amazon renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore.

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Kwality Wall’s Signs 5-Year, ₹89.5-Lakh Monthly Office Deal in Goregaon

Kwality Wall's leases office space in Goregaon

Kwality Wall’s (India) has finalized a significant commercial real estate agreement for a fully fitted, dedicated workspace on the 13th floor of Oberoi Commerz II, part of Oberoi Garden City in Goregaon East, Mumbai. The deal was signed with Tablespace Technologies Limited, the sub-licensor and workspace operator. The registration was filed on November 27, 2025, as per data analysed by CRE Matrix.

Under the service and occupancy agreement, the ice-cream major will pay a starting monthly rent of ₹89,50,000. The deal also includes a security deposit of ₹2.685 crore. The contract includes a 5% annual escalation, aligning the rental structure with prevailing rates in Mumbai’s Grade-A commercial office markets. The documents also confirm a 60-month tenure with a matching 60-month lock-in. This is an unusually long lock-in period in the city’s leasing landscape.

The leased office is designed to support extensive team operations, offering 180 workstations alongside a full suite of meeting rooms and executive cabins. The layout features four director cabins, a 10-seater dedicated meeting room, two 8-seater boardrooms, two 6-seater meeting rooms, four 4-seater meeting rooms, and six single-person phone booths. Tablespace was supposed to hand over the fully furnished, ready-to-operate premises on December 1, 2025, as specified in the annexures of the agreement.

The agreement lays out comprehensive operational and compliance obligations typical of high-value commercial occupancy contracts. Tablespace, as the operator, is responsible for providing all the listed facilities and services, while Kwality Wall’s is required to use the premises exclusively for business operations. The contract mandates compliance with all government regulations and GST norms and prohibits termination during the 60-month lock-in period.

Registered on November 27, 2025, with the Joint Sub-Registrar, Mumbai, the detailed service agreement outlines all operational, financial, governance, and indemnity clauses, including terms related to maintenance responsibilities and capex recovery.

Recent Transactions

Recent commercial office transactions in Mumbai continue to highlight rising demand for Grade-A workspaces, long lock-in commitments, and premium rentals. From major corporates to fast-growing brands, companies are securing high-value leases across prime business districts. This signals sustained confidence in the city’s office market.

In a recent transaction, Eternal Ltd, formerly known as Zomato, signed a five-year lease for 84,157 sq. ft. of prime office space in Andheri, Mumbai. In another transaction, Amazon renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term.

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