Redbrick acquires properties in Mumbai for Rs 2.67 billion

11 Jul 2024 CW Team

Coworking and managed space provider Redbrick Offices has acquired commercial properties spread over around nearly 90,000 sq ft in Marol locality of Mumbai?s western suburb Andheri for over Rs 2.67 billion. The company has bought this office space spread over three floors in a commercial complex Times Square through its subsidiary Red Fox IT Infra LLP from realty developer Ajmera Group entity NTPL Developers. The deals for a total of 22 offices across three floors of the tower were registered on May 3 and May 8. The company has paid stamp duty of over Rs 8 crore for the registration of these transactions, shows the documents accessed through realty data analytics firm CRE Matrix. Redbrick has a portfolio of managed commercial properties across four cities including Mumbai, Bangalore, Pune, and Hyderabad with a combined area of over 3.5 million sq ft. The company is working on a plan to expand its portfolio to over 5 million sq ft in 2024 and 2025. The company has a portfolio of managed assets worth Rs 5,000 and is also a landlord in many of its managed properties with an owned portfolio worth over Rs 1,000 crore. Of this portfolio, the company manages offices spread over 1 million sq ft In Mumbai?s key locations including Bandra-Kurla Complex, Lower Parel, Andheri, Powai, Goregaon and Vikhroli. ET?s email query to Redbrick and Ajmera Realty & Infra remained unanswered until the time of going to press. The Indian office property market has demonstrated robust performance, driven by a resurgence in economic activity and a notable increase in corporate occupancies in the first half of the year, reflecting the sector's resilience and the overall positive business environment. In the last two years, the country has witnessed a significant rise in coworking and managed workspaces, driven by the increasing demand for flexible and scalable office solutions. This trend has been accelerated by the shift in work culture due to the pandemic, with many businesses adopting hybrid and remote work models. Companies are seeking cost-effective and agile workspace solutions to adapt to the fluctuating economic environment.

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