Highest rental deal in BKC? IMC India leases commercial office space in Mumbai for ₹700 per sq ft
In one of the highest lease rentals in Mumbai's BKC, Agni Commex has leased an office space to IMC India Securities Pvt Ltd for ₹700 per sq ft
In perhaps one of the highest lease rentals ever paid for an office space in Bandra Kurla Complex for the short term, Agni Commex LLP has given on rent a commercial space of almost 5830 sq ft to IMC India Securities Pvt Ltd for ₹700 per sq ft per month in BKC in Mumbai, documents accessed by Propstack showed.
The commercial space in Maker Maxity 4, a commercial office space in BKC, has been leased to IMC India Securities Pvt Ltd for ₹40.81 lakh per month that works out to be ₹700 per sq ft, the documents showed.
Also Read: Axis Bank leases 81000 sq ft in Mumbai for five years at a monthly rent of ₹85 lakh
Agni Commex has leased the commercial space to IMC India Securities Pvt Ltd, involved in the finance and insurance sector. The deal is significant from the point of the per sq ft rent touching the 700-mark, according to local brokers.
BKC is the costliest commercial real estate market in India
The ongoing per sq ft rate in BKC is between ₹500 to ₹550, but the recent deal of ₹700 sq ft is only for five months. Short-term deals generally command a premium, local brokers said.
The company has taken up the commercial space in Maker Maxity 4 for the short term as they intend moving to their new office in the coming months, said a consultant not wishing to be named.
Queries sent to IMC India and Agni Commex LLP did not get any response.
Also read: Office buildings in Mumbai’s Bandra Kurla Complex command higher prices than Manhattan
Costliest commercial rental deal in BKC
According to real estate consultants, this lease deal sealed in BKC at ₹700 per sq ft, is the highest till date in BKC, but not in the country. The most expensive lease deal so far in terms of per sq ft rate is the Barclays deal in Worli at ₹725 per sq ft.
IMC India has taken up two more office spaces on lease in Maker Maxity 5 measuring more than 10,000 sq ft. In March 2024, IMC India had leased 42,700 sq ft of space for 10 years at a monthly rental of ₹1.36 crore in Worli.