Edelweiss buys 1 lakh sq ft office space in Mumbai
By: Shubhra Tandon | Mumbai | March 19, 2015 3:56 am
Financial services firm Edelweiss has bought over one lakh sq ft of office space in Mumbai’s eastern suburb of Kurla, in a deal that could be valued at up to R130 crore, inclusive of all costs, sources with direct knowledge of the development told FE.
The Rashesh Shah-promoted firm, which is looking to expand operations, will be acquiring the office space, spread across five floors, in the Kohinoor City, a project by Mumbai-based real estate developer Kohinoor Group. Edelweiss owns an entire building in Kalina, which is close to Kurla.
office space that Edelweiss has acquired is close to the business hub
of Bandra Kurla Complex (BKC) that houses the offices of many
Indian and multinational financial services firms and corporations.
According to sources, Edelweiss will be acquiring the commercial space at a rate of around R10,000 per sq ft, which is said to be a reasonable price to pay for office space in the locality.
“It is a good value deal from the perspective of property price appreciation expected in and around Kurla,” said a property consultant who knew about the transaction.
An email sent to Edelweiss remained unanswered. A Kohinoor Group spokesperson confirmed the transaction, but did not share any financial details.
Spread over 38 acres, the Kohinoor City houses 13 lakh sq ft of residential area and 9 lakh sq ft of commercial space. This land was once owned by Premier Automobiles, makers of the once-iconic Premier Padmini cars.
Kurla is a congested area characterised by slums, makeshift garages and stores for industrial spare parts. But with amenities and accessibility to the area improving, it is in the process of getting a facelift.
In the last four years, Kurla has seen a spate of real estate transactions with some big-ticket deals. Though they are located close to each other, property rates in Kurla are around half of what they are in BKC. Commercial space in the latter commands a rate of R25,000-30,000 per sq ft.
In 2011, American School bought 1.4 lakh sq ft of space for around R125 crore in Vidyavihar, a suburb close to Kurla. The Atul Ruia-promoted Phoenix Mills’ Phoenix Market City, a high-end shopping mall and office space project, is situated in Kurla.
On March 10, Mumbai-based Housing Development Infrastructure announced the launch of its new residential project called the Premier Legend in the same vicinity.
First of all I would like to thank you and the Gera team for organizing different workshops at our doorstep.
The best thing I have done to my kids is that I took a right decision to buy a flat in Gera.
Because of this decision , Vishnu could attend the development workshops that were conducted.
Vishnu was a shy child who didn't like to participate in any of the programmes.
As far as Dale Carnegie workshops is concerned it has given him a lot of confidence and was presenting things in a much better way and I can see a lot of improvement in him.In simple words u made a person(..
My son Tattva had been enrolled in the intermediate level and has been coached by the Vishwanathan Anand Chess Academy coach . Tattva has made remarkable strides and will be on his way to get his FIDE rating in November. A lot of credit goes to the mentor for his unique way of handling his students. He has been very patient while working with Tattva on his areas of improvement. In addition before the tournament the coach had voluntarily added additional classes and doubled his efforts to get a better performance out of Tattva. He has shown complete ownership which is commendable. I hope he continues to develop more and more chess players in the coming days...
It's a wonderful experience with the tennis academy and my daughter liked it. Also she is getting good training and love for the game.
The coaches are good and we would continue using their expertise for Nishita going onwards. We are also looking forward for signing (actually instrument) and dancing coaching too.
This is to share with you that both my little girls (Aditi Anisha) are really enjoying their Tennis classes at the Mahesh Bhupathi Tennis Academy.
I always find them very excited whenever there is TENNIS CLASS, and this excitement matters to both of us, as the kids seems to be interested.
It’s nice to see them constructively engaged, and coming home happy and having felt productive in their own child little way. It’s a great way for them to bond with other young ones and feel belonged to a larger community.
Thanks to You, Gera Developments and MBTA for giving our young ones, an opportunity for a wonderful learning experience.
Now they are looking forwar..
Regarding the workshops & different academy sessions, it has been wonderful experience so far for Shlok and we’re looking forward for the new opportunities.
It’s absolutely fantastic to have all these academies in the premises, and that too from the renowned personalities, so we can send kids without worrying about other factors like safety & all.
And most importantly, a big thanks to you for the lovely follow-ups & timely updates about the upcoming/ongoing sessions.