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Mumbai’s real estate market’s office segment reached new heights in 2024, with the per sq ft rental for a commercial office space touching the โน700 per sq ft market in Bandra Kurla Complex (BKC), which is also known as India’s costliest business district.
As many as 1.90 lakh rental agreements, also known as leave and license agreements, were registered in Mumbaiโs real estate market in the first six months of 2024 – a 13% increase from 1.67 lakh rent agreements registered during the same period in 2023. These were registered across all segments – residential, commercial and retail, according to the data shared by the Maharashtra Inspector General of Registration (IGR).
The data for rental agreements registered in the second half of 2024 is awaited.
Here’s the list of the top five commercial deals in the Mumbai real estate market in 2024.
1. IMC India leases commercial office space in Mumbai for โน700 per sq ft
In perhaps one of the highest lease rentals ever paid for office space in Bandra Kurla Complex for the short term, Agni Commex LLP was in the news in June 2024 for having leased a commercial space of almost 5,830 sq ft to IMC India Securities Pvt Ltd for โน700 per sq ft per month in BKC in Mumbai, documents accessed by Propstack showed.
Agni Commex leased the commercial space to IMC India Securities Pvt Ltd, which is involved in the finance and insurance sector. According to local brokers, the deal is significant because the per sq ft rent is around โน700.
The space is in Maker Maxity 4, a commercial building in BKC. This is important as a rent of โน700 sq ft is only for five months, and short-term deals generally command a premium, local brokers had said.
Also Read: Highest rental deal in BKC? IMC India leases commercial office space in Mumbai for โน700 per sq ft
2. Morgan Stanley leases 1 mn sq ft office space at a monthly rent of โน15.96 crore
Property registration documents accessed through real estate data analytics platform Propstack showed that global financial services giant Morgan Stanley leased 1 million square feet of office space in Mumbai for over nine years at a starting monthly rental of โน15.96 crore.
The commercial office space leased to Morgan Stanley Advantage Services Private Limited is spread across 16 floors in Oberoi Commerze III, in Oberoi Garden City of Mumbai’s Goregaon area. According to the documents, the total chargeable area is 10.01 lakh square feet. This deal was registered in August 2024 and was termed to be the largest office space transaction in terms of size and monthly rent.
Also Read: Mumbai’s mega rental deal: Morgan Stanley leases 1 mn sq ft office space at a monthly rent of โน15.96 crore
3. Deloitte leases 80,000 sq ft space in Mumbai for โน2.09 crore per month rent
In the same building that was in the news for registering Morgan Stanley’s largest rental deal, Deloitte Shared Services India LLP leased 80,849 sq ft of office space in November 2024 at a monthly rent of โน2.09 crore, according to the leave and license agreement shared by Propstack.
The space spread across two floors has been leased for five years. Terms of the deal include a 15% escalation in rent after 36 months. The documents showed that the starting rent works out to be โน258 per sq ft per month.
Also Read: Deloitte leases 80,000 sq ft space in Oberoi Commerz building in Mumbai for โน2.09 crore per month
4. IDFC First Bank leases office in Mumbai’s Goregaon
Property registration documents accessed through real estate portal FloorTap.com showed that IDFC First Bank leased four floors spanning 1.64 lakh square feet in Oberoi Garden City of Mumbai’s Goregaon East suburb in August 2024.
The documents showed that the deal, which also includes parking space for 165 cars in Commerze III of the business hub, involves a starting monthly rent of โน3.85 crore or โน233 per square foot. Terms of the deal include a 15% escalation in rent following 36 months of the license commencement date. The 5-year lease period begins on January 15, 2025.
5. Barclays leases over 64,000 sq ft of commercial space in Mumbai’s Worli for โน2.08 crore per month in Mumbai
Documents accessed by FloorTap.com showed that in January 2024, Barclays had leased 64,995 sq ft in a building known as Altimus in the Worli area of Mumbai for five years at a starting monthly rent of โน2.08 crore.
