Mumbai real estate: WeWork India leases 1.26 lakh sq ft of commercial space in Powai for ₹1.38 crore monthly rent

Coworking space operator WeWork India has leased 1.26 lakh sq ft of commercial space in the Powai area of Mumbai for a monthly rent of ₹1.38 crore or over ₹16 crore annually, according to property registration documents accessed by Propstack. Coworking space operator WeWork India has leased 1.26 lakh sq ft of commercial space in the Powai area of Mumbai for a monthly rent of ₹ 1.38 crore. Niranjan Hiranandani, Chairman of Hiranandani Group said, “The performance of India's commercial real estate segment in FY 24 has been nothing short of stellar, and we anticipate this momentum will be sustained well into FY 25-26.” “The robust increase in commercial leasing and absorption activity is driven by evolving market dynamics, strong investors’ confidence, a work-from-office scenario, and balanced economic growth. Commercial office space scenario across top Indian cities and Mumbai real estate market The year 2024 is likely to register 83-85 mn sq ft of gross leasing of office space across eight major cities, which will be an almost 13% increase compared to the peak volume of 2023, a report by Cushman and Wakefield said on December 16.