Powai, Mumbai, a hub for major corporations like Amazon, Deloitte, and L&T, continues to attract significant commercial investments. Recently, coworking space operator WeWork India secured 1.26 lakh sq ft of prime commercial real estate in the bustling Powai area for a remarkable monthly rent of ₹1.38 crore. This deal, valued at over ₹16 crore annually, highlights the growing demand for coworking spaces in one of Mumbai's most sought-after locations.
The leased property, named Lightbridge, is situated in the Saki Vihar area of Andheri East, a locality popularly referred to as Powai. The transaction was finalized on November 29, 2024, with WeWork India paying a stamp duty of ₹22 lakh and a registration fee of ₹1,000. The lease is set to commence in August 2025, extending for a duration of five years until August 2030.
Spread across the 6th, 7th, and 8th floors of the building, the commercial space is leased at a competitive rate of ₹109 per sq ft. Additionally, a substantial security deposit of ₹4.14 crore was made. Notably, the lease agreement includes a three-year lock-in period, ensuring stability for both parties.
The property owners, Gamma Construction Pvt Ltd, led by industry veterans Surendra Hiranandani of the House of Hiranandani and Niranjan Hiranandani of Hiranandani Developers, have successfully closed this high-profile transaction. The deal underscores the continued prominence of Powai as a thriving commercial hub in Mumbai, reflecting its appeal to both global and domestic businesses.
© 2023 Rera News. All rights reserved.