HDFC Bank Secures 2.72 Lakh Sq Ft Office Space in Andheri, Mumbai, for Rs 77 Cr Annual Rent
HDFC Bank has leased a significant 2.72 lakh sq ft commercial space in Andheri, Mumbai, with an annual rent exceeding Rs 77 crore. The lease includes a 15% escalation clause after 36 months.
Hdfc BankCommercial Real EstateAndheriMumbaiOffice LeaseReal Estate MumbaiJan 30, 2025
The lease agreement, which was registered on January 27, 2025, comes with a monthly rent of Rs 6.45 crore, resulting in an annual rent of over Rs 77 crore.
The lease also includes a 15% escalation clause that will come into effect after 36 months.
The commercial space has been leased through three separate agreements, with selected units on the ground, first, second, third, fourth, fifth, and sixth floors.
The agreement documents, reviewed by the Hindustan Times, reveal that the leased premises come with 207 parking spaces and a security deposit of Rs 116 crore.
Andheri is rapidly emerging as a key office market in Mumbai, characterized by robust annual leasing activity and a range of new housing developments.
The area benefits from excellent connectivity, including proximity to the metro, airport, and highways, as well as a variety of hospitality options.
Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, highlighted the area's appeal “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.”
This lease is not the first significant commercial real estate move by HDFC Bank in recent months.
In November 2024, the 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, further solidifying HDFC Bank's commitment to expanding its presence in the Mumbai region.
Other major banks are also making notable moves in the commercial real estate market.
Earlier this month, ICICI Bank secured 1.29 lakh sq ft of commercial space in Turbhe, near Mumbai, for an annual rent of almost Rs 9 crore.
The space was leased through four separate agreements, covering floors 13 to 16 of the Arihant Aura building in Turbhe.
These leases reflect the growing importance of strategic real estate investments for banks, not only to accommodate their expanding workforce but also to enhance their operational efficiency and client services.
The choice of Andheri and other prime locations in Mumbai underscores the banks' focus on leveraging high-visibility and well-connected areas to drive business growth and maintain a competitive edge in the financial sector.
HDFC Bank, known for its customer-centric approach and robust financial performance, continues to demonstrate its commitment to innovation and expansion.
The new office space in Andheri is expected to play a crucial role in supporting the bank's growth initiatives and service offerings in the region.
Frequently Asked Questions
What is the size of the office space leased by HDFC Bank in Andheri, Mumbai?
HDFC Bank has leased a 2.72 lakh sq ft commercial space in Andheri, Mumbai.
What is the monthly rent for the leased space?
The monthly rent for the leased space is Rs 6.45 crore.
Is there a provision for rent escalation in the lease agreement?
Yes, the lease agreement includes a 15% escalation clause that will come into effect after 36 months.
When was the lease agreement registered?
The lease agreement was registered on January 27, 2025.
How many parking spaces are included in the leased space?
The leased space includes 207 parking spaces.
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