Mumbai: In a significant commercial real estate deal, State Bank of India Funds Management Ltd has purchased two commercial office units in Bandra Kurla Complex (BKC) for Rs 103 crore. The two units spread across a carpet area of 15,176 sq ft carpet area were purchased at a per sq ft price of Rs 67,870, according to the documents accessed by Propstack.
The offices were purchased from DKJ Shelters Private Ltd in Parinee Crescenzo in BKC and come with 12 parking spaces. The company paid a stamp duty of Rs 6.18 crore and a registration fee of Rs 30,000 for the transaction registered on September 6, the documents stated.
SBI Funds Management Ltd is a fund management company that deals in pension funds, mutual funds, ETFs and alternate investments.
In its report “The Multifaceted Occupier Landscape of India Office Market” released recently, Colliers stated that India’s office space demand will continue to scale up, especially driven by shifts in demand characteristics.
The demand that was once dominated by the technology sector, is now diversifying to encompass occupiers from multiple sectors, such as engineering & manufacturing (E&M), BFSI, healthcare, consulting and flex spaces as well.
Over the next three years (2025-27), engineering & manufacturing along with BFSI occupiers are expected to lease about 11-12 mn sq ft of office space each on an annual basis, up from 8-9 mn sq ft each in the past three years. These will together account for about 40% of the total office space demand, according to report.
Furthermore, the evolving occupier landscape has deepened the office market in terms of developer offerings too. Developers are increasingly agile in curating the built structure to suit occupier preferences. Thus, the overall office market has gradually matured from a “Supply-led” market to a more “Occupier-driven” market and is likely at a turning point to see heighted growth and scaling up over the next few years.
