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HDFC Bank Leases 2.72 Lakh Sq Ft Space In Andheri, Mumbai, For Annual Rent Exceeding Rs 77 Cr

The monthly rent stands at Rs 6.45 crore, with an annual rent exceeding Rs 77 crore, including a provision for a 15% escalation at the end of 36 months

HDFC Bank Leases New Office: The commercial space has been leased through three separate agreements, with selected units rented on the ground, first, second, third, fourth, fifth, and sixth floors, as per documents reviewed by the Hindustan Times.

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The monthly rent stands at Rs 6.45 crore, with an annual rent exceeding Rs 77 crore, including a provision for a 15% escalation at the end of 36 months, according to the documents.

The agreement was registered on January 27, 2025, and the licensee commencement date is listed as January 21, 2025, according to the documents.

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“Andheri is a growing office market in Mumbai, marked by strong annual leasing activity, new housing developments, metro, airport and highway connectivity, hospitality, and everything in between,” said Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com told HT.

The documents also reveal that the commercial space includes 207 parking spaces, with a security deposit of Rs 116 crore paid for the transaction.

Bank Leases in Mumbai’s Commercial Real Estate Market

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In November 2024, HDFC Bank leased an 8-storey building covering 4.16 lakh sq ft from Mindspace Business Parks in Navi Mumbai. The lease, registered for 10 years, had a contractual value of Rs 320 crore.

Earlier this month, ICICI Bank made headlines for leasing 1.29 lakh sq ft of commercial space in Turbhe, near Mumbai, for an annual rent of almost Rs 9 crore.

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According to property documents, four separate lease agreements were signed for commercial space spread across four floors between levels 13 and 16 in a building named Arihant Aura in Turbhe, near Mumbai.

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