IMC Leases Mumbai Office for ₹700 Sq. Ft. in One of India's Highest Rental Deals

IMC Securities Pvt Ltd, a subsidiary of global trading firm IMC Trading, has secured an office space in Mumbai's Bandra Kurla Complex (BKC) for Rs 700 per square foot. This lease marks one of the highest rental deals in India's history.

Located on the 4th floor of the Maker Maxity 4 North Avenue building, the agreement was finalized on June 5. This deal underscores the burgeoning demand for premium office spaces in Mumbai, particularly in the BKC area, where rental prices have surged.

The Mumbai Metropolitan Region has witnessed a significant increase in office rental values, jumping from Rs 130 per square foot in H1 FY23 to Rs 136 per square foot in H1 FY24. While average commercial rental rates in Mumbai range between Rs 100-500 per square foot, BKC remains the priciest, with rents in certain quarters exceeding Rs 300 per square foot. The G Block in BKC, for example, sees rates as high as Rs 500 per square foot.

IMC Securities has previously leased office spaces in BKC’s Maker Maxity 5 building at Rs 421 per square foot in April 2022, and Rs 405 per square foot in April 2021. Additionally, in March 2024, the company leased a 25,620 sq ft space in Altimus, Worli, at a rate of Rs 320 per square foot.

The surge in high-frequency trading (HFT) desks by major firms like Citadel Securities and Tower Research highlights a growing trend among Wall Street giants to penetrate the Indian market through local brokerage licenses. These firms, including IMC Financial Markets, are focusing on proprietary trading and are also offering brokerage services to smaller foreign proprietary traders.

The trend of increasing rental rates in Mumbai's commercial hubs is likely to continue as more global companies seek to expand their operations in India. This growing demand for office space reflects the broader economic growth and investment opportunities in the country.

As Mumbai continues to develop as a global financial center, the city's real estate market is expected to see sustained growth. The strategic importance of locations like BKC will ensure that they remain at the forefront of this expansion, attracting significant investments from both domestic and international players.