.2 minutes went through Final Improved: Sep 27 2024|11:56 PM IST.Property management company SBI Administration has actually bought office reaching 67,870 square feet at Parinee Cresenzo in Mumbai's Bandra-Kurla Complex (BKC) for Rs 103 crore, according to real property information system Propstack.The company did certainly not reply to an inquiry coming from Organization Requirement. Click here to associate with our company on WhatsApp.The offer comes at a time when India's office market is witnessing significant need.A couple of times back, Adar Poonawalla, president of Cream Institute of India as well as proprietor of Rising Sunshine Holdings, purchased the 1st floor of Cerebrum IT Park in Pune for Rs 395 crore. Depending on to recent reports, ICICI Prudential Property Administration Provider went into a big office space bargain near Mumbai International Airport for Rs 315 crore. In another huge deal, Kinnteista, capitalist Rekha Jhunjhunwala's agency, apparently acquired industrial area in BKC and also Chandivali in Mumbai for Rs 740 crore. Also, Red Fox IT Infra, a subsidiary of Redbrick Offices, is know to have actually gotten many office spaces in Mumbai in a Rs 260-crore bargain..Nevertheless, most of the workplace offers remain in leasing. Residential property consultancy Cushman & Wakefield, in a current report, said that renting throughout the top eight cities is expected to surpass 80 thousand straight feets in 2024. This is actually being driven by a mixture of elements, including the ongoing development of industries such as IT as well as monetary solutions.And many more, Deloitte Shared Solutions leased 80,000 square feet of office space in Oberoi Commerz III, Mumbai, earlier this month. The lease is assumed to start on Nov 1.Morgan Stanley likewise rented 1 thousand square foot of office space in the exact same facility in Mumbai lately. The yearly rental fee, crossing a 10-year period, is predicted at Rs 192 crore, with a down payment of Rs 104.9 crore, depending on to documents.In Bengaluru, realty player RMZ Firm rented 360,000 sq ft of office to Chevron Global Modern Technology as well as Solutions at RMZ Ecoworld 30-series just recently. Chevron is expected to set up a design and also innovation excellence facility within this area.In the 1st one-half of 2024 alone, leasing activity got to 41.9 thousand square feet, working with the greatest leasing edition captured for the first one-half of any sort of year so far, depending on to market records. This figure make up 56 per cent of the overall gross leasing amount (GLV) for 2023.First Posted: Sep 27 2024|11:56 PM IST.