The
Subrata Roy-led Sahara Group is picking up 3.5 lakh square feet
of office lease space at a premium property in Mumbai’s Bandra Kurla
Complex (BKC), signalling a shift of the group’s headquarters to from
Lucknow to the country’s financial capital.
Going by the prevailing BKC rentals of R275-325 per sq ft per
month, the lease at BKC’s Crescenzo could cost Sahara Rs10-11 crore a
month or Rs100-110 crore a year, making it one of the costliest
commercial lease deals in India.
The Crescenzo, one of the upcoming commercial buildings in BKC,
is being developed by Mumbai-based Parinee Developers and designed by
architect Hafeez Contractor. The 20-storeyed complex is spread over 10
lakh sq ft.
The building will have automated parking, advanced electrical and
fire safety systems, professional building management services and a
terrace helipad.
“Yes, we will be taking up Crescenzo on lease,” a Sahara
spokesperson confirmed by e mail. “We are looking at about 3.5 lakh sq
ft.” He declined to give any further details.
The
Sahara Group is one of the largest industrial houses of India
with interests from financial services to cricket. Founded in 1975 by
Subrata Roy, the group had assets worth $23 billion or R1.09 lakh crore
as of 2010. Parinee, incidentally, is a passive partner in Kochi
Tuskers, which was evicted from IPL.
Sahara's latest interest is in sports, sponsoring India's cricket
and hockey teams. It owns Pune Warriors, an IPL team, and owns a 42.5%
stake in Vijay Mallya's Formula One team Force India, which was recently
renamed Sahara Force India.
According to people familiar with the lease agreement,
Sahara India has
been in talks for leasing the space for a while. However, the deal
could not materialise over valuation mismatch. “The company has yet
again come to the table for discussions,” said a property consultant in
the know of the development. He did not wish to be quoted as he cannot
speak publicly on company-specific plans.
India's commercial lease market has been sluggish in the second
quarter of the financial year. According to CB Richard Ellis, a global
property consulting and research firm, absorptions have almost halved in.
