Mumbai: Red Fox IT Infra LLP Purchases 22 Office Units For ₹267.5 Crore In Andheri

Mumbai: Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, has purchased 22 office spaces at Marol, Andheri for a whopping Rs 267.5 Crore. The office unit nos 603 to 808 are situated on the sixth, seventh and eighth floors in E Wing of Times Square Building on Andheri-Kurla Road, Marol.

According to transaction details accessed by CRE Matrix, a real estate data analytics firm, the company paid stamp duty of Rs 8.02 Crore for the office units that collectively measure to 87,618 sq ft. While the deal for 18 office units was registered on May 3, 2024, the remaining four office units were registered on May 8, 2024.

Red Fox also purchased 88 parking spaces as part of the deal from NTPL Developers LLP and others. Recently, Unity Small Finance Bank and ICICI Prudential Asset Management Company had purchased properties worth crores of rupees in Mumbai.

The Colliers India Research Report about India Office Market Snapshot in Q2 of 2024 stated that Mumbai recorded a significant 3.5 mn sq ft of leasing during the quarter ending June, 2024, double the levels seen in Q2 2023, the city also had the highest incremental quarterly supply in the past 3-4 years.

It also stated that the vacancy levels remained rangebound amidst balanced demand supply dynamics while a strong H1 performance has set the stage for office space demand to comfortably exceed 50 mn sq ft for the third consecutive year in 2024.