After investment banks, Maker Maxity, the plush office complex owned by Mukesh Ambani and Maker group in Mumbai’s famed Bandra-Kurla Complex (BKC) is also becoming home to global sovereign and pension funds.
Marquee names such as Canada Pension Plan Investment Board (CPPIB), Singapore’s GIC and Qatar Investment Authority (QIA) have taken up spaces in the complex.
This month, QIA took 1,300 sq ft space in the complex for Rs 233 per sq ft in a one-year deal. Late last year, CPPIB took 11,860 sq ft space in the complex for Rs 315, according to Propstack, a commercial real estate data analytics firm. Singapore’s GIC also has a 5,000 sq ft office in the complex. While Khazanah Nasional Berhad, the sovereign fund of Malaysia, is based out of Express Towers, another landmark tower at Nariman Point in Mumbai, the Malaysian Investment Development Authority (MIDA), the Malaysian government’s principal agency to promote manufacturing and services, has an office in Maker Maxity.
CPPIB, QIA and GIC have emerged as some of the biggest investors in India’s real estate, infrastructure and other crucial sectors. While CPPIB has tie ups with Ajay Piramal group and Shapoorji Pallonji, QIA has invested in Bengaluru-based developer RMZ. Maker Maxity has already become the I-banking hub in Mumbai with names such as UBS, BNP Paribas, Jefferies, Daiwa, Macquairie and Canada-based Bank of Nova Scottia.
Maker Group could not be contacted for comments. An email sent to RIL spokesperson did not elicit any response.
Maker Maxity’s USP:
Experts say what draws tenants to the complex is its location and amenities. The complex is at the entrance of BKC when one travels from Bandra.
“Sovereign funds present in India are based in Mumbai and most of them are located in this complex. We took the space as it is well maintained and centrally located,” said a senior executive of a sovereign fund. Raja Seetharaman, director, PropStack said, “Maker Maxity fits the profiles of the global names. There are not too many such complexes in Mumbai which are secured and have all amenities,” he said.
Maker Maxity also has larger floor plates compared to its peers in South Mumbai, the traditional hub of large corporates and financial institutions. Maker Maxity has five buildings of which two are owned by Ambani and the rest by Maker Group. It’s spread across 1.2 million sq ft area.
In comparison, Ceejay House at Worli has just 400,000 sq ft space. Express Towers at Nariman Point also has similar space.
Even from lease rents perspective, Maker Maxity commands higher than its peers in the city and the country, except some offices in Delhi’s Central Business District (CBD).
While it commands rents between Rs 315 and Rs 330 per sq ft, the last deal in Ceejay House happened at Rs 270 per sq ft in November 2015, according to PropStack.
Express Towers commands rent of Rs 260-Rs 270 per sq ft. According to a December 2015 report by property consultant CBRE, at $151 (nearly Rs 10,100) per sq ft per annum, Delhi’s CBD of Connaught Place is ranked the sixth most expensive office market space in the world.
Mumbai’s alternative business district of Bandra-Kurla Complex (BKC) was at 18th position at $ 94 per sq ft, and Mumbai’s CBD of Nariman Point at 32nd at $72.71 per sq ft. BKC is home to Sebi, ICICI Bank and Kotak among others.
Source: Business Standard
