Tolani Group to sell prime office property in Mumbai
The deal for the office space on the 12th floor of the building in Mumbai's prime office area will work out to be around R22 crore, if sold at the expected rate. It is currently given on lease to a foreign bank, said sources. The Tolani Group did not want to comment on the proposed sale.
The last outright sales deal in Nariman Point is understood to have happened in Tulsiani Chambers (considered a B Grade building), when early this year, the Bank of America sold a 11,000 square feet space to Tribhovandas Bhimji Zhaveri (TBZ) for about R25,000 per sq ft.
Grade B buildings are usually highly functional, well-located facilities more than 10 years old, which feature less desirable design and infrastructure than Class A buildings.
Consultants tracking commercial real estate say Tolani's expectations could be on the higher side. The lease rentals in the building though are believed to be quoted at around R300 per sq ft, say market sources. Tolani is aiming to close the deal in a month’s time.
The commercial offtake in Nariman Point has
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