Posted on

Manoj Bajpayee Leases Mumbai Office Space for ₹11 Lakh Monthly Rent for Five Years

Manoj Bajpyee leases office space

Bollywood star Manoj Bajpayee and his wife Shabana Bajpayee have leased two commercial properties in Mumbai’s Andheri West for a monthly rent of ₹10.9 lakh for the next five years, as per property documents accessed by CRE Matrix, a real estate data analytics firm.

The office is located in the Lotus Signature building on Veer Desai Road. Each unit offers 1,905 sq ft of RERA carpet area, totalling 3,810 sq ft. The deal was officially registered on April 3, 2025.

Barcode Influencer Marketing Pvt Ltd has leased the property and has paid a security deposit of ₹43.7 lakh. The lease also includes a 5% rent increase, which means the monthly rent will reach ₹13.3 lakh by the fifth year. The lease provides six designated parking spaces and a fit-out period of 75 days for renovation and refurbishment.

Abhishek Kiran Gupta, the CEO and co-founder of CRE Matrix, highlighted that this deal, totalling ₹7.26 crore in rent over the license period, shows how important Andheri West has become as a commercial hotspot in Mumbai.

He added that certain Grade A commercial developments might fetch a significant premium over other projects in the same region, even if location is still a major determinant of the per square foot rate. He believes that in the future, project significance will take precedence over location.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Mumbai Khadi & Village Industries Association Sells 3.84-Acre Borivali Land Parcel for ₹539 Crore

Mumbai Khadi & Village Industries Association Sells 3.84-Acre Borivali Land Parcel

In a notable land deal in Mumbai’s western suburbs, the Mumbai Khadi & Village Industries Association (MKVIA) has sold a 3.84-acre land parcel in Borivali West for over ₹539.25 crore. The buyer, a local real estate developer, secured the land through a competitive bidding process and has already made an upfront payment of ₹52.25 crore, with the remaining ₹487 crore to be paid in tranches linked to construction milestones.

This transaction follows MKVIA’s strategic move to convert the land from Occupancy Class-II (a restricted tenure requiring government approvals for transfer) to freehold status. The conversion, completed in April and May 2024, involved a premium payment of ₹51.7 crore to the government, granting the trust full ownership rights and enabling the sale.

According to documents accessed via real estate data analytics firm CRE Matrix, the final payment under the agreement is due upon receipt of the full occupation certificate or within 1,620 days from the registration of the conveyance deed – whichever is earlier. Flexibility for revising timelines has also been built into the contract.

The deal was finalized after receiving clearance from the Charity Commissioner under the Maharashtra Public Trusts Act, with approvals granted through four separate orders dated January 8, 2025.

This transaction reflects a broader trend of large-scale land acquisitions in Mumbai as developers aggressively pursue redevelopment and mixed-use opportunities in high-potential urban zones. With sustained demand for both residential and commercial spaces, land parcels in key localities like Borivali are attracting significant investor interest.

India’s land market is witnessing strong momentum across metro cities like Mumbai, Delhi-NCR, and Bengaluru, where developers are focusing on luxury housing and mixed-use formats. Tier-2 cities are also emerging as hotspots for residential, plotted, and warehousing projects, driven by infrastructure development and evolving urban needs.

Recent Land Transactions in Mumbai

Mumbai’s real estate market continues to witness high-value land transactions. Recent deals, especially in prime suburbs, highlight the growing demand for residential and commercial projects. Developers are actively acquiring land parcels to capitalise on redevelopment opportunities and create mixed-use developments that cater to evolving urban needs.

In a recent land deal, the Adani Group acquired a premium land parcel of more than 1.1 acres in South Mumbai’s ultra-affluent Carmichael Road for over ₹170 crore. In another transaction, Landmark Developers and Sobha Ltd. acquired a 2.11-acre land parcel in Parel, Mumbai, for ₹423.38 crore.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Posted on

IndoSpace Leases Over 700,000 Sq Ft Warehousing Space to RenewSys India

IndoSpace Leases Over 700,000 Sq Ft Warehousing Space

In a landmark development for India’s logistics and warehousing industry, IndoSpace has leased out more than 700,000 sq ft of Grade-A warehousing space to solar PV modules manufacturer RenewSys India Pvt Ltd. The facility is located in Khalapur, near Mumbai. This deal marks the largest logistics transaction of the year so far.

This long-term lease, exceeding 10 years, signals an increasing demand for high-quality logistics infrastructure from India’s green energy sector. To accommodate operational customization, the facility was handed over for fit-outs on March 25, with four months allotted for interior modifications. According to documents accessed through CRE Matrix, the rent commencement date, including a three-month rent-free window, is set for November 25, 2025.

RenewSys India, a leading integrated solar PV modules manufacturer, will pay an initial rental of ₹1.44 crore per month for the facility. The lease agreement includes structured rental escalations – a 15% hike after the first 36 months, followed by a 5% annual increase for the remaining term.

The lease also incorporates a five-year lock-in for IndoSpace and a full-term lock-in for RenewSys. This highlights a strong mutual commitment and operational continuity.

Common area maintenance (CAM) charges have been set at ₹1.06 per sq ft per month, with an annual escalation of 5%. During the fit-out phase, CAM charges are significantly lower, at just ₹0.25 per sq ft per month.

This leasing deal is not just about space – it’s about strategic expansion. RenewSys will use the Khalapur facility as a key logistics hub to support its manufacturing units in Hyderabad, Bengaluru, and Panvel. The company continues to scale its operations to meet both domestic and international solar energy demands.

The deal underlines the growing popularity of India’s warehousing and logistics sector. With industries like renewable energy, e-commerce, manufacturing, and 3PL driving demand, long-term leasing has become more common. This reflects tenant confidence and market evolution.

Backed by favorable government policies, infrastructure upgrades, and a robust consumption-driven economy, India’s logistics sector is now aligning with global standards – ready to power the next wave of industrial growth.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!


Posted on

Adani Group Buys Premium Land on South Mumbai’s Carmichael Road

Adani Group Buys Land Parcel

In a significant real estate transaction, the Adani Group has acquired a premium land parcel spanning more than 1.1 acres in South Mumbai’s ultra-affluent Carmichael Road, nestled in the prestigious Malabar Hill locality. According to the documents accessed by CRE Matrix, the deal, valued at over ₹170 crore, was executed through the Group’s subsidiary, Mah-Hill Properties. 

The plot currently hosts an old residential cottage with a built-up area of 2,760 sq ft. Located in a highly sought-after area, the plot is one of the last few sizeable freehold properties available. The transaction was registered on March 27, with the buyer paying a stamp duty exceeding ₹10.46 crore.

While it remains unclear whether the Adani Group intends to develop a high-rise or a luxury bungalow on the site, the strategic value of the location is undeniable. The property was previously tied up in legal disputes, which have now been resolved through court-accepted consent terms – clearing the path for a clean acquisition.

Carmichael Road in Malabar Hill symbolizes legacy, wealth, and elite status. Home to influential business families and top corporate leaders, the area is known for its heritage bungalows, breathtaking views of the Arabian Sea, and proximity to key financial districts. With property prices among the highest in India, any development on this rare parcel is bound to attract attention from the high-profile buyers and investors.

This acquisition further solidifies Adani Group’s position in India’s high-value real estate landscape. It reflects the Group’s growing interest beyond infrastructure and industry, extending into strategic urban development.

Recent Transactions

Mumbai’s real estate market has seen a surge in significant land transactions lately. This highlights strong investor confidence and the city’s continued appeal. The dynamic pace of urban growth and the rising demand for premium land parcels are reflected in these high-value transactions.

In a recent transaction, Landmark Developers and Sobha Ltd. acquired a 2.11-acre land parcel on Jerbai Wadia Road, Parel, for ₹423.38 crore. In another transaction, K Raheja Corp acquired a 5.75-acre parcel of land in the eastern district of Kandivali, Mumbai, for approximately ₹466 crore.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Posted on

ChrysCapital Partner Sanjay Kukreja, Wife Buy Golf Links Bungalow for Rs 155 Crore

ChrysCapital Partner Sanjay Kukreja, Wife Buy Golf Links Bungalow for Rs 155 Crore

Sanjay Kukreja, a partner at ChrysCapital, one of India’s largest homegrown private equity firms, and his wife Shaveta Sharma, CEO and MD of Central Square Foundation (CSF) purchased a 1,250-square-yard bungalow in the upscale Golf Links area of South Delhi for a staggering Rs 155 crore, according to the documents accessed by CRE Matrix. 

The Kukreja family paid Rs 9.3 crore in stamp duty and corporation tax for the property. This deal highlights the enduring appeal of Golf Links among high-net-worth individuals (HNWIs) and business elites in India. Renowned for its exclusivity and limited property availability, Golf Links has emerged as a preferred destination for HNWIs and corporate leaders.

The recent purchase by Sanjay Kukreja and his wife at Golf Links reaffirms the area’s status as a prime residential location for India’s wealthiest individuals. Despite a slight moderation in sentiment, the interest in high-end properties remains robust. Golf Links continues to attract corporate leaders and UHNIs, with prices remaining firm due to limited availability. Even if expectations have slightly waned, demand for luxury real estate is expected to remain as long as India’s economy continues to expand. 

Recent High-End Transactions in Delhi

Delhi’s luxury real estate market continues to attract high-net-worth individuals (HNWIs) and business elites, with several noteworthy transactions taking place in prestigious neighborhoods. Despite market fluctuations, demand for upscale properties remains strong, driven by limited supply and the desire for premium locations. 

In a recent transaction, Anurang Jain, the managing director of Endurance Technologies, purchased a 1,350-square-yard bungalow on Kautilya Marg, New Delhi, for ₹130 crores. In another transaction, Sidhant Real Estate, led by DLF Chairman Rajiv Singh and his family, recently acquired a ₹150 crore bungalow in Lutyens’ Delhi’s Prithviraj Road.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Citigroup Leases 7.7-lakh-sq-ft Office in Pune’s Kharadi

Citigroup Leases 7.7-lakh-sq-ft Office in Pune’s Kharadi

Citigroup Inc. has finalized one of the largest commercial office space transactions of the year. The financial services giant has secured over 7.7 lakh sq ft of office space through a long-term lease in Pune’s Kharadi locality. According to records obtained by CRE Matrix, the company has leased 10 floors at Panchshil Business Hub for an estimated Rs 1,100 crore. 

The lease, which starts on April 1, covers the commercial tower’s 7th through 16th floors. Depending on the level, the starting monthly rentals range from Rs 2.02 crore to Rs 2.71 crore. The contract specifies a lock-in duration of 4-5 years for various floors. It also mentions a 15% rental escalation clause every 36 months.

The leased space has been secured through Citigroup’s subsidiary, Citicorp Services India. They primarily provide back-office, technology, and operational support services for the global operations of Citigroup. 

Of the total space, 3.07 lakh sq ft is located on the 13th to 16th floors, and 2.34 lakh sq ft is spread across the 10th to 12th floors. The remaining 2.29 lakh sq ft is on the 7th to 9th floors. The total deal value includes rental payments along with common area maintenance (CAM) charges. The charges are subject to an annual escalation of 5% and will amount to nearly Rs 197 crore over the lease term.  

As part of the agreement, Citigroup will also receive exclusive access to 770 car parking slots and 1,185 two-wheeler parking spaces. In addition to these designated parking spots, the company has the option to secure additional parking at rates of Rs 6,000 per car and Rs 2,600 per two-wheeler. Citigroup has paid a security deposit of Rs 20.36 crore.  The registration of the deal took place on March 12.  

Citicorp Services India, while distinct from Citibank India, plays a crucial role in Citigroup’s operations. They handle key functions such as risk management, compliance, information technology services, analytics, and financial operations. The company’s decision to secure such a vast office space highlights its commitment to expanding its presence in India. This move further reinforces Pune’s position as a hub for global capability centers (GCCs).  

Recent Transactions

The transaction highlights the resilience of India’s commercial real estate market. Leasing activity has reached record levels for the third consecutive year, driven by strong demand from global corporations. Despite economic uncertainties, multinational corporations continue to drive demand for office spaces, particularly for setting up GCCs. The Indian government has also been instrumental in fostering this growth by introducing incentives for such centers. This has further solidified the country’s appeal as a preferred destination for global businesses. 

In a recent transaction, co-working giant Awfis Space Solutions leased 1.97 Lakh Sq Ft of office space in Pune’s Kharadi. In another transaction, US-based CA Technologies Private Limited renewed its lease for a 1.08 lakh sq ft commercial space in the same area. 

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Puravankara Chairman Acquires Office space in Andheri, Mumbai, for Rs 242 Crore

Realtor Ravi Puravankara buys 12 commercial plots in Mumbai

Mumbai’s commercial real estate market has witnessed a significant transaction, with Ravi Puravankara, founder and chairman of Puravankara Ltd, acquiring over 104,000 sq ft of office space in Andheri for Rs 242.1 crore. According to documents obtained through CRE Matrix, the purchase was made from Rockfort Estate Developers, an HLV Group promoter company. With the acquisition, Puravankara now has exclusive use of over 135 parking spaces in the business complex.

The agreement, which was finalized on Wednesday, includes twelve commercial apartments located on the 7th, 8th, and 9th floors of Business Park 2, a prestigious business complex in Marol, Andheri. The stamp duty of about Rs 14.5 crore, paid to complete the registration, demonstrates the size of this investment.

Puravankara, who previously focused on South Indian real estate markets like Bengaluru and Chennai, is making a calculated move with this acquisition. Nonetheless, the business has been aggressively growing its footprint in Mumbai’s real estate market in recent years by making well-thought-out investments in residential and commercial real estate.

Though the exact purpose of the recently gained space is yet unknown, there are several conjectures regarding its possible usage. Given that the agreement was concluded in Ravi Puravankara’s personal capacity, it is unclear if the space will be leased to high-end tenants, converted into a larger corporate office, or utilized to launch a new company segment.

The deal highlights the increasing trust that investors have in Mumbai’s commercial real estate market. High-net-worth individuals seeking to diversify their investment portfolios continue to be drawn to the city due to its steady rental yields and optimistic economic outlook.

Bollywood stars and sports figures, as well as developers and industrialists, have been actively purchasing commercial buildings in Mumbai, utilizing them as profitable investment opportunities. The trend reflects the general belief that real estate is still one of the safest and most lucrative asset classes for preserving and increasing wealth.

Ravi Puravankara’s most recent acquisition further strengthens Mumbai’s need for upscale office space. Industry insiders predict additional high-value deals in the upcoming months as the city’s commercial real estate sector continues to flourish, solidifying Mumbai’s position as one of India’s most vibrant real estate marketplaces.

Recent Transactions

A rise in high-value office space transactions in Mumbai’s commercial real estate market is indicative of strong investor confidence. Developers, investors, and high-net-worth individuals have made significant purchases in recent years. Steady rental profits and strategic expansion have driven this growth.

In a recent transaction, Tata Investment Corporation acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly Rs 150 crore. In another transaction, HDFC Bank secured 4.50 lakh sq ft of space at an annual rental cost of more than Rs 1,020 crore in Mumbai’s Andheri. 

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

India’s Office Leasing Touches Record 81.7 MSF in 2024, IT/ITES Leads Demand

India’s Office Leasing Touches Record 81.7 MSF in 2024

India’s office leasing market hit a historic high in calendar year (CY) 2024, with leasing volumes touching 81.7 million square feet (MSF), the highest ever recorded, according to the joint CRE Matrix–CREDAI India Office Report Q4 CY’24. The market registered a 19 percent year-on-year increase. This growth indicates the resilience of occupier demand even as companies adapt to new workplace models amid global economic headwinds.

IT/ITES Drives Market Momentum

The IT/ITES sector emerged as the largest demand driver. These accounted for 42 percent of total leasing activity in 2024, a sharp rise from 28 percent in CY’23. This resurgence reflects technology firms’ renewed focus on expansion, consolidation into Grade A assets, and long-term portfolio planning.

According to the report, India’s top office markets—Bengaluru, Hyderabad, and Mumbai continued to dominate leasing activity. Together, these metros contributed 62 percent of total demand, registering a robust 20 percent YoY growth.

Rise of Large-Format Transactions

Large office deals played a defining role in 2024. Transactions exceeding 100,000 sq ft accounted for 41 percent of total leasing, growing 13 percent YoY. This trend was particularly pronounced in Bengaluru and Pune. Clearly, occupiers now prefer scalable, campus-style developments that offer operational efficiency and flexibility for future expansion.

Tightening Vacancies and Supply Constraints

An average demand-to-supply ratio of 1.5 in CY’24 led to declining vacancy levels across key micro-markets, including Delhi NCR, Mumbai Metropolitan Region (MMR), and Chennai. As a result, the Pan-India vacancy rate fell to 15.7 percent, down from 17.7 percent in CY’23.

The imbalance was especially visible in Q4 CY’24. At this point, office leasing demand stood at 17.9 MSF, while new supply lagged at 12.1 MSF. This, in turn, resulted in high rentals.

Flexible Workspaces Gain Further Ground

The co-working and flexible office segment continued its upward trajectory. Notably, they contributed 13 MSF to total leasing demand in 2024—well above the three-year average of 10 MSF. This represents a 30 percent increase, driven by rising enterprise adoption of managed and hybrid workspace models.

Demand from co-working operators grew 25 percent YoY, with Delhi NCR doubling its absorption and Bengaluru recording a 1.4x increase compared to CY’23.

Rentals Rise Amid Strong Fundamentals

Reflecting tightening market conditions, Pan-India office rental rates increased to ₹106 per sq ft, registering a 13 percent YoY growth. Hyderabad, Pune, and Mumbai were key contributors to this rental appreciation, supported by strong occupier demand and limited Grade A supply additions.

Grade A Office Stock Crosses 900 MSF

Despite a 19 percent decline in new completions—with total supply at 53.3 MSF in 2024—India crossed a major milestone of 900 MSF of Grade A office stock. Bengaluru and Hyderabad together accounted for 55 percent of the new supply. Looking ahead, India is expected to add 295.7 MSF of fresh Grade A office space by 2027, with IT/ITES expected to remain the dominant demand driver, followed by co-working (16 percent) and BFSI (12 percent) sectors.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Tesla’s First India Showroom Debuts in Mumbai’s BKC with Record-Breaking Lease Deal

Tesla's First India Showroom Debuts in Mumbai's BKC

Tesla Inc. has taken a significant step in its India expansion by launching its first Tesla showroom in India at Mumbai’s prominent business district, Bandra Kurla Complex (BKC). The landmark lease agreement marks a milestone for the electric vehicle (EV) giant as it sets its sights on tapping into India’s burgeoning demand for premium electric cars.

Tesla’s India arm, Tesla India Motors & Energy, has leased a 4,003 sq ft unit from Univco Properties LLP for a five-year tenure, according to documents accessed by CRE Matrix. The agreement, registered last week, stipulates that the lease will commence on February 16, with a rent-free period extending until March 31.

The agreement was signed between Tesla and Maker Group entity to lease space on the ground floor of the 2 North Avenue commercial complex at Maker Maxity. The deal, at Rs 881 per sq ft, surpasses the previous record set by Apple Inc., which leased space at Rs 738 per sq ft in January. This agreement reflects the increasing demand for prime commercial real estate in Mumbai’s BKC area.

The company has made an initial security deposit of Rs 2.11 crore. During the first year, Tesla will pay a monthly rental of Rs 35.26 lakh, which will escalate by 5% annually, reaching Rs 42.86 lakh in the final year of tenancy. Additionally, the agreement includes a 36-month lock-in period for Tesla, ensuring long-term stability, while the landlord is restricted from terminating the lease during the entire duration.

It is anticipated that Tesla’s flagship location in India will be the showroom at Maker Maxity, demonstrating the company’s dedication to the Indian market. Tesla has been actively exploring opportunities in the country, engaging in discussions with government authorities, scouting showroom locations, and assessing potential manufacturing sites.

India represents a promising market for Tesla, given the increasing shift toward sustainable mobility and the government’s push for electric vehicle adoption. By establishing the first Tesla car showroom in India, the company aims to strengthen its foothold in one of the world’s fastest-growing automobile markets.

The company is firmly establishing its long-term goals in India with the opening of the first Tesla showroom in Mumbai. The deal highlights the company’s strategy to not only introduce its popular range of EVs but also lay the foundation for future expansion, potentially including local manufacturing.

With Tesla India making its entry, Indian consumers and EV enthusiasts eagerly await the arrival of its cutting-edge electric vehicles. This, in time, will pave the way for a greener and more technologically advanced automotive landscape in the country.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Sources

Posted on

Hrithik Roshan Leases Out Office Space in Pune’s Kharadi

Hrithik Roshan Leases Out Office Space in Pune’s Kharadi

Bollywood superstar Hrithik Roshan has recently leased out a prime office space in Pune’s thriving commercial hub, EON Kharadi. The office, spanning 9,209 sq ft, is located on the 8th floor of the World Trade Centre and has been rented out to Regus Ruby Business Centre for a tenure of 36 months. 

The leasing agreement, as per documents accessed through CRE Matrix, states that the property has been let out at a monthly rental of Rs 6.08 lakh. Additionally, the tenant has paid a security deposit of nearly Rs 11.88 lakh. The agreement includes an annual rental escalation of 5%, ensuring consistent appreciation in returns for the property owner.

Furthermore, Regus Ruby Business Centre will be paying Rs 13 per sq ft as maintenance charges every month, which will also increase by 5% annually. This additional income enhances the overall yield from the investment.

The transaction demonstrates a rising trend of Bollywood celebrities making active investments in commercial real estate. High-net-worth individuals are progressively diversifying their portfolios with premium office spaces, retail establishments, and mixed-use developments.

Investing in real estate promises capital growth over time in addition to rental income. Strategic investments like Hrithik Roshan’s lease at EON Kharadi are paying off because of the growing demand for Grade-A commercial spaces.

Recent Office Space Transactions in Pune

With the demand for premium workspaces surging in Pune, investments in well-located commercial properties continue to offer substantial financial rewards. As more celebrities and investors enter the sector, the commercial real estate market is set for sustained growth in the coming years.

In a recent transaction, co-working giant Awfis Space Solutions leased 1.97 lakh sq ft of office space in Pune’s Kharadi for 5 years. In another transaction, US-based CA Technologies Private Limited renewed its lease for a 1.08 lakh sq ft commercial space in the same locality. 

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions