The saga of buying out high-end office space in Mumbai continues. In a latest development, Mumbai-based education company, Core Projects and Technologies, is in talks with the leading plastic goods maker Supreme Industries to buy out the office property developed by the latter in the Andheri area of Mumbai. The deal could be worth Rs 350 crore (Rs 3.5 billion) in value, said sources close to the development.
US banking major Citibank has reportedly bought 300,000 sq ft space in a building developed by NRI investor Purnendu Chatterjee and US-based Vornado Realty Trust for Rs 1,000 crore (Rs 10 billion) in Bandra Kurla Complex (BKC) in Mumbai. Citibank paid Rs 33,333 a sq ft.
The deal is expected to get closed within a month. The property is located off Veera Desai Road in Andheri West.
The Rs 2,000-crore (Rs 20-billion) Supreme Industries had sold 40,000 square feet of office space in the building to film production house Eros and a private individual for Rs 60 crore (Rs 600 million) earlier this year and looking to generate around Rs 350 crore (Rs 3.5 billion) for the remaining 2,25,000 sq ft of the property. At this rate, it comes to Rs 15,555 a square feet.
Sanjeev Mansotra, chairman and global CEO of Core Projects said the company was looking at consolidating its properties and setting up new corporate headquarters in one place in Mumbai.
"We are in
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