In perhaps the first large office lease deal of 2015, real estate portal has taken on lease 1.5 lakh sqft spread over two buildings in Hiranandani Complex, Powai., a start-up founded by a dozen IIT-Bombay engineers barely three years ago, is on a major expansion spree with plans to spread its wings globally too. The Powai transaction with the Niranjan Hiranandani Group recently was concluded at around Rs 100 a sqft a month. The five-year lease agreement was brokered by global property consultant Knight Frank.

Sources said the property portal will occupy 1.25 lakh sqft in Winchester and another 25,000 sqft in Spectra, both commercial towers in Hiranandani, Powai. “The company is consolidating for long-term growth. Its promoters, all ex-IITians, chose Powai because they find the eco-system here very conducive,” said a source. It currently occupies about 40,000 sq ft in Supreme building in Powai.

Source – Times of India