Kansai Nerolac Paints acquires office space in Mumbai for Rs 85 cr

07 Feb 2022 CW Team

According to sources, Kansai Nerolac Paints has acquired office space in Mumbai worth Rs 85 crore for the development of the Indian headquarters of the company in Lower Parel.

The company has bought an entire floor of office space on the 28th floor of the commercial tower spread across 35,000 sq ft in Marathon Group's commercial project, Marathon Futurex on Delisle Road.

Sources said that the project's third phase of development had received an occupation certificate from the civic body.

Marathon Futurex has housed the headquarters of Essel Group for its media and entertainment businesses, Zee Entertainment Enterprises, an Indian subsidiary of L'Oreal.

This project is the address of Tata Group's Tata Strategic Management, HDFC, Consulate General of Israel, Thomas Cook and Diageo.

Marathon Realty is developing the 1.4 million sq ft office building in three phases, from which two development phases are spread across an 8 lakh sq ft area. The third developmental phase will take the 38th floor and make it the tallest commercial project in India.

It is one of the largest front-office transactions. Essel Group has acquired 2.2 lakh sq ft of commercial space across seven floors worth Rs 400 crore.

Earlier, IDBI Federal Life Insurance Company Limited bought commercial space worth more than Rs 111 crore at Marathon Futurex. Hindustan Colas had also bought commercial space in the same complex worth Rs 120 crore.

The commercial sector in Mumbai is witnessing a robust activity after the Covid-19 pandemic. As per JLL India, Mumbai's office market in India's financial capital recorded leasing of over 3.7 million sq ft in 2021, from which 3 million sq ft was transacted during the second half of 2021, witnessing a strong recovery of 8 lakh sq ft absorption in the first half.

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Also read: Kansai Nerolac Paints Q1 results: Profit at Rs 111.38 cr

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