 "Most expensive deal of 2024: Metro promoters buy Rs 405 cr home in Mumbai")
Metro Group promoters have purchased their home in the iconic Palais Royale in Worli, Mumbai, for Rs 405 crore, which marked a 31% increase vs the most expensive home sale of 2023. The property spans an impressive 38,390 sq. ft. of carpet area, and is the biggest residential deal of the year, according to data provided by property consulting firm CRE Matrix.
CRE Matrix has unveiled its annual Best of the Best 2024 report, presenting India’s marquee real estate deals of 2024. The report captures record-breaking deals across key sectors, including land, residential, office, retail, warehousing, and real estate loan.
The largest launch of units:
Jaykay Infra launched 2,480 units, covering 4.38 million sq. ft., in Narsingi, Bengaluru, marking it the largest residential project launch of the year.
Land Transactions:
Highest-Priced Land Deal:
At Rs 1,100 crore, the transaction for 10 acres land in Lower Parel, Mumbai, between Century Textiles & Industries and Nusli Neville Wadia emerged as the highest priced land deal in India for 2024.
Largest Joint Development Deal:
Adani Properties won the Rs 5,069 crore bid for redevelopment of 430-acre Dharavi Notified Area (Mumbai) as one of India’s largest Redevelopment Project ever.
Office Space Achievements:
Most Expensive Lease:
Apple leased 6,526 sq. ft. in Maker Maxity, BKC, Mumbai, at Rs 738 psf pm setting a new benchmark – the rental is 66% higher than the previous high of 2023.
Largest Office Construction:
Oberoi Realty developed 2.32 million sq. ft. of office space at Commerz III in Goregaon, Mumbai. This again strengthened the India Office story, recording a 42% increase in leasable are vs the largest building completed in 2023.
Costliest Office Purchase:
AAA Holding Trust’s office space in Tardeo, Mumbai, was sold to Ivory Property Trust at Rs 1,50,397 per sq. ft. for a total area of 11,399 sq. ft. marking a 52% increase vs 2023’s most expensive office sale transaction.
Largest Office Lease:
Amazon’s 1.1 MSF office deal at Sattva Horizon at Rs 65* psf in Yelahanka, Bengaluru marked a new benchmark in office leasing – a 75% increase vs the largest office deal of 2023.
Co-working:
Optiver India Securities leased most expensive Co-Working Space for Rs 1,211 psf at BKC Mumbai clocking 74% surge versus 2023’s most expensive co-working space leased.
Retail Sector Developments:
Most Expensive Retail Lease: Sunglass Hut leased 414 sq. ft. at ₹1,812 per sq. ft. in DLF Galleria, Gurugram.
Largest Mall Construction: The 6,80,000 sq. ft. M5 ECity Mall in Bengaluru became the largest retail space built in 2024.
Loan Sector Insights:
Biggest Loan Sanction:
Brookfield received a Rs 11,000 crore loan at 8.38% interest with a tenure of 30 years from State Bank of India, Punjab National Bank and Bank of Baroda, this sanction marked 57% increase versus 2023’s largest loan sanctioned.
Highest Interest Rate:
Rajapushpa Properties secured a Rs 100 crore loan at 24% interest for its Hyderabad projects. This Interest rate witnessed 40% decline as compared to 2023’s.
Warehousing Milestones:
Largest Leased Space: Schneider Electric leased 9,99,932 sq. ft. at RKV Logistics Park, Anekal, Bengaluru. This marked a 12% increase vs the largest leasing deal of 2023.
Highest Lease Rate:
GE Renewable R&D India leased 1,29,496 sq. ft. in Khed, Pune, at Rs 78 psf pm.
Categories that soared to new highs:
• Office Leasing: This segment experienced exceptional growth, with the largest office leased space increasing by 75% and the most expensive lease showing a significant 66% jump compared
to last year.
• Residential Sales: High-value deals continued to dominate, as seen with the 31% increase in the most expensive residential transaction and robust launches in Bengaluru.
• Land Development: The Dharavi Redevelopment Project, Asia’s largest slum redevelopment plan, stood out as the largest joint development deal, showcasing Mumbai's continuous appeal
for mega projects.
• Loans: The real estate loans segment observed substantial growth, with the largest sanctioned loan up by 57% and several significant high-value loans contributing to sector growth.