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Red Fox IT Infra, a subsidiary of Redbrick Offices, has made a notable move in Mumbai's commercial real estate sector by acquiring 22 office units in the Times Square building, Marol. Spanning 87,000 square feet, the purchase totals INR 267.5 crore (USD 33 million) and includes 88 car parking slots. This significant acquisition underscores the rising demand for office space in Mumbai, mirrored by recent high-value transactions across the city. The move positions Red Fox IT Infra strategically amid the city's thriving commercial real estate market.
The Mumbai office space market is experiencing a surge in activity. Red Fox IT Infra, a subsidiary of co-working provider Redbrick Offices, recently made a significant purchase that highlights this trend.
The company acquired a total of 22 office units in the Times Square building located in Marol, Mumbai. This substantial acquisition spans over 87,000 square feet across two separate deals. The total cost of the purchase is estimated to be INR 267.5 crore (approximately USD 33 million), demonstrating Red Fox IT Infra's commitment to expanding its presence in Mumbai. Additionally, the company has paid a stamp duty of INR 8.02 crore on the transactions.
The purchase includes a total of 88 car parking slots, providing convenient access for employees and visitors. In the first deal, completed in May 2024, Red Fox acquired 18 units for INR 218.9 crore, covering an area of 72,150 square feet. This deal also included 73 parking spaces. The second deal, finalised in May 2024 as well, involved acquiring four additional units for INR 48.54 crore, spread across 15,468 square feet with 15 car parking slots.
This significant purchase by Red Fox IT Infra is just one example of the increasing activity in Mumbai's commercial real estate market. Recent months have seen several high-value deals across the city, highlighting the market's strength. ICICI Prudential Asset Management acquired the Kalpataru Infinia building for INR 315 crore. Unity Small Finance Bank purchased office space in Santacruz East for INR 227 crore. Actor Amitabh Bachchan bought three office units in Veer Savarkar Signature building for INR 60 crore. Additionally, Tata Digital renewed its headquarters lease for a monthly rent of INR 2.98 crore.
Red Fox IT Infra's substantial purchase suggests a growing demand for office space in Mumbai. This trend, coupled with other recent deals, indicates a robust market for commercial real estate in the city. With a total investment exceeding INR 267 crore and significant square footage acquired, Red Fox IT Infra is well-positioned to capitalise on this growth.
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