The residential property market may be stagnant, but the demand for office space is still strong if a lease transaction in Bandra-Kurla Complex (BKC) is any indication. The deal, touted as the highest ever for a commercial property in terms of annual rent, will fetch the owner, Parinee Developers, almost Rs 70 crore a year from the Sahara Group. The agreement is expected to be sealed by next week. According to real estate sources, the UP-based Sahara Group will take over 2.5 lakh sq ft spaces in Parinee Cresenzo, a 20-storey commercial project by Parinee Developers, co-owners of the Kochi Tuskers IPL team. The two parties reportedly negotiated the deal for a lease amount of Rs 225 a sq ft, which works out to an annual rent of close to Rs 70 crore. “A few buildings in BKC command over Rs 375/sq ft. However, the Parinee-Sahara deal is the highest in terms of the total annual rent,said a property tracker. Indian Realty News, May 17th, 2011
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