Netmagic buys Mumbai office space for Rs 321 crore

This deal was structured as a perpetual (lifetime) lease at one-time price of Rs 11,198 per sq ft

In the biggest office property deal in Mumbai in the past two years, information technology services company Netmagic has entered into an agreement with the Hiranandani group and Balaji Teledevelopers to buy a 286,691-sq ft building in Lighthall in the Chandivali area of Mumbai.

Netmagic would pay Rs 321 crore to the developers in a staggered manner over the next 13 months, said the source.

This transaction was structured as a perpetual (lifetime) lease by Netmagic at a one-time price of Rs 11,198 per sq ft with an annual lease rent of Rs 1 per sq ft, the source added.