ABBOTT HEALTHCARE LEASES 5K-SQFT SPACE FOR ₹9.26L/MONTH

MUMBAI: In one of the major realty transactions in recent times, pharmaceutical company Abbott Healthcare has leased a 5,000-square feet apartment in Bandra-kurla Complex (BKC) for ₹9.26 lakh per month.

Abbott leased this premium residential property – Signature island building constructed by Sunteck Realty – from owner Ramesh Bhatia and Vijaya Bhatia for a period of 36 months. According to the documents scanned by Zapkey.com, a real estate data analytics and research firm, the luxury pad comes with five car parks. In the first 12 months, the rent will be ₹9,26,890, which will be hiked to ₹9,91,770 in the second year and in the last 12 months, it will be ₹10,90,950. “After two years of Covid-19 pandemic, where such high-end deals came to a virtual standstill, we are witnessing leasing activity by corporates,” said Sandeep Reddy, co-founder, Zapkey.com.

He cited the examples of MUFG bank which leased the property in Signia Isles in BKC by the same builder in May for ₹5.25 lakh. Another transaction was in June, when Mirae Asset Capital Markets India Private Limited leased an apartment in Signia Pearl for ₹3.75 lakh a month.

Signature Island, which is leased by Abbott, is one of the ultra-luxury projects located opposite Trident Hotel in BKC. It has just 3- and 4-BHK (bedroom, hall and kitchen) apartments with amenities such as landscaped garden, multipurpose hall, squash court, jogging track and meditation room. It is a ‘by invitation only’ project.

Abbott, which has its corporate office at BKC, will use this apartment to house its senior executive. Real estate expert Ajay Chaturvedi said, “Corporates are being very cautious while taking places on lease and these are very specific in nature. The overall market is still to pick up.” Many well-known personalities namely Uday Kotak, Sonam Kapoor and Aishwarya Rai have all bought apartments from Sunteck builders.