.2 minutes read Last Upgraded: Sep 27 2024|11:56 PM IST.Property monitoring agency SBI Funds Administration has actually purchased office space covering 67,870 sq ft at Parinee Cresenzo in Mumbai's Bandra-Kurla Complex (BKC) for Rs 103 crore, depending on to real property records platform Propstack.The provider performed certainly not react to a query from Organization Standard. Click here to associate with us on WhatsApp.The deal comes at a time when India's office market is seeing notable requirement.A few days back, Adar Poonawalla, president of Cream Principle of India and proprietor of Rising Sun Holdings, bought the initial floor of Cerebrum IT Park in Pune for Rs 395 crore. Depending on to current documents, ICICI Prudential Possession Control Firm got in a large workplace package near Mumbai International Airport Terminal for Rs 315 crore. In another ultra bargain, Kinnteista, client Rekha Jhunjhunwala's organization, apparently purchased business area in BKC and also Chandivali in Mumbai for Rs 740 crore. Additionally, Red Fox IT Infra, a subsidiary of Redbrick Workplaces, is found out to have actually purchased many office in Mumbai in a Rs 260-crore package..Nonetheless, a lot of the office offers are in leasing. Residential or commercial property working as a consultant Cushman & Wakefield, in a latest document, stated that renting all over the best 8 urban areas is anticipated to exceed 80 million square feet in 2024. This is being actually driven by a combination of factors, featuring the continued development of fields such as IT as well as economic services.To name a few, Deloitte Shared Solutions rented 80,000 square feet of office space in Oberoi Commerz III, Mumbai, previously this month. The lease is anticipated to start on Nov 1.Morgan Stanley additionally leased 1 million square feet of office space in the very same facility in Mumbai recently. The annual rental fee, extending over a 10-year time frame, is actually predicted at Rs 192 crore, along with a down payment of Rs 104.9 crore, according to files.In Bengaluru, real estate player RMZ Firm leased 360,000 square foot of workplace to Chevron Global Innovation as well as Solutions at RMZ Ecoworld 30-series just recently. Chevron is actually expected to establish an engineering and development excellence center within this space.In the first fifty percent of 2024 alone, leasing task arrived at 41.9 thousand sq ft, embodying the highest possible leasing edition taped for the 1st half of any sort of year so far, according to sector records. This body represent 56 per cent of the complete gross leasing quantity (GLV) for 2023.Initial Posted: Sep 27 2024|11:56 PM IST.