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Mumbai Commercial Property dealings at its low

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According to the sources the property market had faced the downturn in the country and now its twirl for the commercial property market facing the slowdown in the market. Very small amount of the overseas housing finance banks are holding the bulky realty deals in the market. Next to the disaster approx after 8 months letter which is intent signed by the Citibank of India which has learnt that the taking time before the sealing of purchase of 2.97 Lac Sq Ft space in FIFC Tower at Bandra-Kurla Complex been constructed by Purnendu Chatterjee has promoted TCG Urban Infrastructure and the New York based realty firm Vornado Reality Trust. This deal is having the worth of Rs. 1000 Crores and it is the biggest deal ever done in the commercial property market in Mumbai and it was pressed out the issues such as the building’s name rights, car parking and the interior fittings.
On the other side, HSBC Bank is purposing harder about the 2.5 Lakh Sq Ft of office space which is under the construction for Indiabulls Financial Centre at Elphinstone and also to the Deutsche Bank which was looking for an office space for 1 Lakh Sq Ft. In recent times the commercial deals were done in between the two companies like Sahara Group and Parinee Developers which were worth of Rs. 70 Cores a year for the 2.5 Lakh Sq Ft space for the biggest commercial property which is also temporarily held up in the market. Out of 50 Millions Sq Ft, 26% of office spaces are lying vacant and approx 4.8 Millions Sq Ft was leased or it was purchased in Mumbai.
Source: NIMMA BENGALURU

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