Central Depository Services India Limited Purchases 46000 sq ft Office Space in Marathon Futurex, Lower Parel, Mumbai For INR 163 Cr

The first publicly listed Indian central securities depository, Central Depository Services (India) Limited, has purchased two floors of office space in the Marathon Futurex building in Lower Parel, Mumbai, for INR 163.16 crore.

The company paid Rs 9,79 crore in stamp duty to register the two transactions.

CDSL has paid Rs 81.64 crore for 23,110 square feet of space on the 35th floor; the total usable carpet area is 23,100 square feet. There are sixteen parking spots.

According to documents acquired by CRE Matrix, the contract was registered on November 14, 2022.

In addition, the company purchased 23,110 square feet of space on the 34th level for Rs 81.52 crore plus Rs 4.89 crore in stamp duty. The paperwork indicates that the location contains fifteen parking places.

Mayur Shah, managing director of the Marathon Group, said,

"A confluence of favourable conditions allowed us to complete this acquisition. The location of our project was of the utmost importance. As soon as the Deslise Road bridge reopens, all traffic issues will be resolved. This enables companies to attract talent from the whole city."

Sale of 23,110 square feet of carpeted office space. A facility in Lower Parel fulfils the unmet need for premium office space. Given that house projects in the same micromarket sell for $50 per square foot, the carpet's price of around $35,300 per square foot is quite competitive. Currently, in the Lower Parel micromarket, offices are selling at a significant discount to housing, making them an attractive asset class for self-use and investment. Abhishek Kiran Gupta, chief executive officer and co-founder of CRE Matrix, said that future appreciation is nearly certain as commercial office prices in the micromarket catch up to house prices.

Marathon Group said in a regulatory filing that it has sold more than Rs 400 crore worth of commercial space at Marathon Futurex, its primary commercial project in Lower Parel, in only one year.

Earlier in 2022 at Marathon Futurex:

Kansai Nerolac paid Rs 85 crore for 23,500 square feet in the same building, while FilmKraft paid Rs 33 crore for 10,000 square feet.

In September 2022, Falguni Nayar's FSN E-Commerce Ventures' well-known brand, Nykaa, rented two office spaces in Lower Parel, Mumbai, for around Rs 70 lakh per month for a period of five years. Marathon Realty Private Limited leased this area.

In addition to L'Oreal and Zee Entertainment, the office spaces in Marathon Futurex have been bought by L'Oréal, SBI Capital, IDBI Federal, Invesco, and Thomas Cook.

Daily, over 7,000 office employees utilise the more than 1,000,000 square feet of office space at Futurex. Each floor of Futurex is around 60,000 square feet in size. Futurex develops diverse IT/ITes and business applications. The developer said in a regulatory filing that the building just received an Occupancy Certificate for floors 31 through 35, making it one of the tallest commercial buildings in India.

In addition to launching the Marathon Milennium business tower in Mulund, Marathon intends to create a commercial tower in Byculla in collaboration with Adani Realty.

About Marathon Group

Marathon Group is a Mumbai-based, 52-year-old real estate development company that has completed more than 100 projects in the city. Several townships, cheap housing projects, ultraluxurious skyscrapers, modest offices, and big commercial centres are now under construction in the fastest-growing districts. Their initiatives span the whole Mumbai Metropolitan Area (MMR).More than one hundred real estate projects have been completed by Marathon Group, and as of 2022, the company has approximately 4 million square feet of property under construction, with 880 acres of land planned throughout MMR and over 15,000 residences in the pipeline.

In Lower Parel, Byculla, Bhandup, Mulund, Panvel, and Dombivli, Marathon Group is now building townships, luxury housing, affordable housing, commercial spaces, and retail spaces.

About CDSL

In 1999, Central Depository Services Limited ("CDSL") was established to provide convenient, trustworthy, and secure depository services. They provide services to all Market participants, including Exchanges, Clearing Corporations, Depository Participants (DPs), Issuers, and Investors.