Whispering Heights Real Estate Private Limited, a joint venture between K Raheja Corp Group and GIC of Singapore, has leased 42,700 sq ft for a monthly rent of ₹1.28 crore to Blackrock Services India Private Limited in a building known as Raheja Altimus in Worli, Mumbai, for five years, according to property registration documents accessed by Propstack.
Blackrock has paid a security deposit of ₹12.81 crore for the deal, the documents showed. The transaction was registered on July 18.
The stamp duty paid for the transaction is ₹24.11 lakh. The company has leased the commercial space on the 13th floor where a single unit is divided into two portions. The chargeable area for both the units is 37,487 sq ft and 5,213 sq ft respectively, the documents showed.
The lease period is from August 2024 to July 2029 and the per month rent is ₹300, that is, ₹1.28 crore per month. The per month rent will increase to ₹314 from August 2025, ₹329 from August 2026, and the security deposit will also increase to ₹14.72 crore from August 2027, the documents showed.
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A query has been sent to Whispering Heights Real Estate Private Limited and Blackrock Services India Private Limited could not be reached for a comment.
Raheja Altimus is a commercial building spread across an area of 3.10 acres and has a total leasable area of 1.12 million sq ft.
Several corporates have their offices in the building.
In October 2022, Morgan Standley rented 86,200 sq ft of space for ₹325 per sq ft. Barclays leased 64,995 sq. ft space for five years at a starting monthly rent of ₹2.08 crore in January 2024.
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Commercial deals in the Mumbai market
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 in June 2024 leased 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.
Recently, Nielsen Media and its subsidiary Whats On India Media Pvt Ltd leased a 1.52 lakh sq ft commercial space in Commerze III, International Business Park, Oberoi Gardens, a project by Oberoi Realty, in Mumbai for a starting monthly rent of ₹3.87 crore for 10 years.
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According to a report released by Knight Frank India, a real estate consultancy firm, the office space market across top eight cities in India recorded its highest ever transaction volume in a half yearly period at 34.7 million square feet (mn sq ft) in H1 2024.
