Adani Realty, the real estate arm of the diversified Adani Group, will be looking at delivering nearly 1.5 million square feet of commercial space over the next two years, with an inventory worth Rs 3,000 crore. The area, spread over three projects, will be coming up in Mumbai and Ahmedabad.
Under the brand name Inspire, the company’s first commercial project, with a built-up area of 8 lakh square feet in Mumbai’s Bandra Kurla Complex (BKC), will be ready for fitouts by June 2016. The project will house small offices with requirements of around 2,500 sq ft to even offices with larger floor plates needs of 50,000 sq ft.
Adani Realty chief executive officer Ajay Munot said the project could bring in Rs 2,200 crore to Rs 2,400 crore in revenues, if sold entirely.
The current capital values in BKC range between Rs 27,000 and Rs 30,000 per sq ft for office spaces. The rents on an average hover around Rs 250 per sq ft per month.
BKC, like most prime office space locations in India, has been starved of quality office space supply as real estate developers did not build commercial buildings due to paucity of funds and lack of office space demand post the global financial crisis of 2008.