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IDBI Federal Life Insurance Buys Office In Marathon Futurex

In one of the main office space deal, IDBI Federal Life Insurance Company Limited has bought commercial space worth over Rs 111 crore at Marathon Futurex in Lower Parel in Mumbai. The corporation has acquired around 61,720 sq ft office space extend over two floors at the IGBC’s Gold rated Green Building. The contract was registered in the last week after finishing of all formalities.

The 450 employees of IDBI Federal Life Insurance will take up the offices on 22nd and 23rd floors of the tower. The deal works out at about Rs 18000 per sq ft and falls in the ongoing property rates for absolute transactions. Rates in Lower Parel are in the range of Rs 18,000-

20,000 per sq ft based on the profile and amenities offered in commercial complexes here. Mr.Mayur Shah, Managing Director, Marathon Group said, “This is one of the biggest commercial realty deals in the recent time which instills the hope that commercial real estate is on track.”

He added, “Among the biggest commercial real estate deals that have taken place in the last couple of months, maximum deals have taken place in Marathon Futurex in Lower Parel. The reason is the distance of railway stations from the iconic building and the gold-rated green

building with amenities and facilities that are at par with international standards. With increasing standards of Indian corporate houses and entry of multinationals, Marathon Futurex is the apt office space solutions for these companies.”

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