IDBI Federal life has purchased office space for Rs 111 crore in Marathon Realty’s commercial project at lower Parel in Mumbai. It has acquired around 61,720 sq ft office space spread over two floors in the project ‘Marathon Futurex’.
“IDBI Federal life Insurance Company ltd has bought commercial space worth over Rs 111 crore at Marathon Futurex in lower Parel in Mumbai,” the realty firm said. The deal was registered last week, it said in a statement. The 450 employees of IDBI Federal life will occupy the offices on 22nd and 23rd floors of the tower.
The deal works out at around Rs 18,000 per sq ft and falls within the ongoing property rates for outright transactions. Marathon Group MD Mayur Shah said:
“This is one of the biggest commercial realty deals in the recent time which instills the hope that commercial real estate is on track.” Mumbai-based Marathon Realty is developing this eight lakh sq ft office building in three phases, of which two phases of 24 floors each have already been completed.