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Mohan Exports, the parent company of Mohan Group, has acquired about 27,000 square feet of premium office space at DLF Horizon Centre on Golf Course Road in Gurgaon for Rs 80.66 crore from Hero Cycles, documents accessed by ET showed.
DLF, which is also a leading lease-rentals company, had sold several office floors to prominent families and corporations from 2014 to 2019, but ceased further sales thereafter. In 2021, DLF repurchased Hines’ 51.8% stake in one tower for Rs 780 crore. Currently, DLF and its family members hold 60% of the entire Horizon Centre.
DLF has completed its first private sale transaction, following its initial sale of office space to notable individuals within the country and subsequent decision to cease such sales and focus on building a rental portfolio.
Hero Cycles declined to comment, while Mohan Exports did not respond to the email query.
According to a copy of the sale deed, Mohan Exports has paid Rs 5.64 crore as stamp duty.
The Mohan Group is engaged in international trade, infrastructure and industrial projects, and Special Economic Zones,
Kshitij Jain, of Rizin Advisory and Foreo Advisory, has been working as a multi-family office consultant for clients in India, and he confirmed the transaction.
“This office was already leased to a co-working player, and the exit yield for the winning bidder worked out to be around 6%. This establishes the positive outlook of the commercial office market, especially with regard to marquee assets and other pre-leased offices. This sale has led to a clear up-move of pricing benchmarks, specifically in metro cities, eventuating in future yield compressions,” Jain said.
During Q1 2023, USD 45 million (INR 3.7 billion) invested in India real estate.
Recent events in the global financial world after the failure of Silicon Valley Bank and the contagion spreading to other mid-market US banks has added to the overall uncertainty in India office leasing market appetite. This is weighing on investor confidence on making bold bets in the immediate term.
“There is a dearth of good quality commercial properties for sale on the Golf Course Road and limited scope of new developments therefore investors are always on a lookout for good assets in this micro market. Any space available for sale finds buyer due to gap in demand and supply,” said Vibhor Jain, managing director, North India, Cushman & Wakefield.
The data indicates that commercial office assets remained the top performer in Q1 2023, capturing approximately 64% of the total investment.
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