Bank Of India Real Estate Deal
Striking a major office space deal in the most sought after business center in Connaught Place area of the national capital, the Bank of India has recently acquired about 36,000 sq ft office space from Standard Chartered Bank involving an investment of Rs 125cr. The process of the buyout of the property in question, which is located on the outer circle in the heart of the capital, was managed by property consultancy Jones Lang LaSalle.

According to property market watchers, Connaught Place is ranked the fifth most expensive office market in the world, much ahead of Mumbai's Bandra Kurla Complex 11th and Nariman Point 26th and the property in question was purchased by the Standard Chartered Bank several years ago on a perpetual lease and has already applied for conversion into freehold, which would improve its value. The asset located in the H Block also fetched a premium because of the fact that it is not part of a large office building where usually there is wastage of 25-30% space between super and covered areas, for which the buyer has to pay.