Runwal to take on rent a floor from its Hqs from Omkar

City-based realty player Runwal Developers, which is into mid-segment and premium residential projects and also commercial spaces, plans to take on lease nearly 9,400 sqft of office space on a property it has co- developed with Omkar Realtors. Both the developers own the 10-storeyed tower Runwal & Omkar Esquare at Sion, and the both companies have their headquarters on this premises.

Now in an asset-light model approach, Runwal is planning to take a little over 9,362 sqft space owned by Omkar on the sixth floor of the building on rent. Confirming the development, Runwal group director Sandeep Runwal said, "we are looking at taking the space on lease rentals." It is not immediately known what is the rental it will be paying, though. It can be noted that Sion is a mid-market space when it comes to office/commercial property in the megapolis, where the realty segment has been facing one of the worst slowdowns in recent years.

Currently, Runwal operates from the fourth and fifth floors of the 10-storeyed tower,while Omkar owns three floors. "This can be seen as a strategic arrangement wherein one developer (Runwal), which wants extra space does not take the capital burden of owning the property, and on the other, the other player (Omkar), monetises its asset and earn rentals," an industry expert explained..