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US school expense Rs120 crore for a Mumbai commercial space

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Riding on the waves of realty excitement a number of sites were made into construction planning for better profits in future. As a result the market was flooded with over supply of the commercial space at many locations across the major cities of the country. According to the sources of www.propertykhazana.com such an advantage was enjoyed by the American School of Bombay at Vidyavihar in Mumbai. It was a commercial building under the firm of Unmesh Joshi – son of Manohar Joshi, Shiv sena leader.
Running from last 30 years, American School of Bombay has shown interest on the six storied Kohinoor city project as their new address. The area covers a total of 1.4 lakhs of square feet for the school at the commercial tower spread in 36 acres of land. The deal amount is still in dark but it is expected to be in the range of Rs 125 Crore. But earlier it was planned to be a commercial building by the developer but due to some circumstances it has made space for a school premises. The newly occupied space has the capacity of accommodating around 800 students and the according to sources the admission procedures has also been started to begin the new season of school for 2012. There was no clear cut comment from the developers as well as the school authority for shifting of the premises from their old address which was just 85000 square feet of area. The deal was conveyed by CBRE – a global property consultant. Earlier a similar deal was witnessed when NSE has bought the commercial space in Kurla with whooping Rs 120 crores.
Source: NIMMA BENGALURU

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