Mumbai-based real estate developer Wadhwa Group is in talks with foreign private equity funds for jointly developing its upcoming office property called ‘ONE BKC’ in the new commerical district of Bandra Kurla Complex (BKC), in Mumbai. A senior official in the company confirmed the development to FE, however, refused to divulge the name of the private equity partner. “We would not like to comment now,” the person said.
The company has started advertising the the property as offering office spaces designed to suit occupiers of all sizes. The company has been using this as its unique selling point by offering office spaces of as small as 1,000 square feet as it targets professionals like chartered accountants and law firms.
It plans to offer fully-serviced building that would accommodate medium sizes and also large occupiers with requirement of higher services. According to company’s website, the developers have all permission in place and are looking to deliver the project in 2014.
Bandra Kurla Complex is becoming a preferred location for corporate occupiers looking for expansion in the quality office spaces. The business district witnessed an office take up of around 70,000 square feet, while the rents hovered at about R290 per square feet per month, according to January report of CBRE South Asia.
Earlier in the day, Reuters reported that the global real estate fund of Morgan Stanley is in talks with the Wadhwa Group to invest up to R900 to 1,000 crore in ONE BKC, quoting sources. However, the official from Wadhwa said, “These are market speculation”.
Apart from ONE BKC, Wadhwa Group has earlier developed commercial developments in BKC which include The Capital, Platina and Trade Centre.