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In a prime real estate deal, Nielsen India Media Pvt Ltd and its subsidiary company, Whats On India Media Pvt Ltd, has leased out office spaces on three floors of Commerz III, International Business Park at Oberoi Garden in Goregaon East for a monthly rent of Rs 3.87 Crore. The company paid a security deposit of Rs 31 Crore for the deal that was registered on July 9, 2024.
According to the papers accessed by CRE Matrix, a real estate data analytics firm, the total area of the offices, including the terrace area, is 1.52 lakh sq ft. The company leased out the property from Oberoi Realty.
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The period of the license, commencing on January 1, 2025, is 120 months with rent escalation of 15% at the end of every 36 months, the papers revealed adding, lock-in period of the agreement is 60 months and fit-out period is seven months from June 1, 2024. The licence also includes 164 car parkings of which 15 will be payable at Rs 5,000 per car parking.
Knight Frank India, in its latest report, “India Real Estate: Residential and Office (January - June 2024)”, stated that Mumbai’s office market witnessed a healthy increase in transactions volume with 5.8 mn sq ft of office spaces being transacted, leading to a Year-on-Year (YoY) growth of 79% in H1 2024. Mumbai was the second-most active office leasing market across eight cities in the country. New office completions in the city were recorded at 4.3 mn sq ft, reporting a commendable YoY growth of 205% in H1 2024.
The report also said that Mumbai’s residential real estate market sold 47,259 residential units during this period reporting a 16% YoY jump. However, the city observed a de-growth of 7% YoY in new launches, with 46,985 units introduced.
In H1 2024, the average residential prices rose by 4% YoY over H1 2023. The sustained demand of buyers supported this price growth and kept the momentum ongoing. In H1 2024, office transactions observed a 79% YoY growth resulting in 5.8 mn sq ft transacted. The completions observed a notable YoY growth of 205%, with 4.3 mn sq ft.
