ICICI Bank Leases 1.29 Lakh Sq Ft Commercial Space in Turbhe, Navi Mumbai for ₹9 Crore Annually
ICICI Bank has leased 1.29 lakh sq ft of commercial space in Turbhe, Navi Mumbai, for an annual rent of nearly Rs 9 crore. The property has been leased from Arihant Superstructures, a listed real estate firm.
Icici BankCommercial SpaceNavi MumbaiArihant SuperstructuresTurbheReal Estate MumbaiJan 09, 2025
The property has been leased from Arihant Superstructures, a well-known and listed real estate firm, according to property registration documents accessed by Propstack.com.
The lease agreements cover four separate floors, from the 13th to the 16th, in a building named Arihant Aura.
This development, located in the heart of Turbhe, is a prime example of the area's growing commercial significance.
Arihant Aura offers a monthly rent of Rs 58 per sq ft, which translates to a monthly rental income of roughly Rs 74.89 lakh, or about Rs 9 crore annually.
The lease agreement was signed on December 12, 2024, and is set for a tenure of nine years.
One of the notable features of this agreement is the rental escalation clause, which stipulates a 14% increase every three years, ensuring that the property maintains its competitive edge in the market.
Turbhe, a prominent locality in Navi Mumbai, has gained significant attention due to its strategic location and connectivity to Mumbai’s eastern suburbs via Vashi.
The area is further bolstered by major infrastructure projects such as the upcoming Navi Mumbai International Airport and the Atal Setu (bridges), which are poised to enhance its appeal as a commercial hub.
These developments are expected to attract more businesses and investments, making Turbhe an attractive choice for companies looking to expand their operations in the region.
Arihant Superstructures, the developer behind Arihant Aura, is a leading real estate firm based in Navi Mumbai.
The company has a strong track record of delivering high-quality commercial and residential projects, contributing significantly to the urban landscape of the region.
Arihant Superstructures is committed to sustainable development and has been instrumental in shaping the commercial landscape of Navi Mumbai.
Frequently Asked Questions
How much commercial space has ICICI Bank leased in Turbhe?
ICICI Bank has leased 1.29 lakh sq ft of commercial space in Turbhe, Navi Mumbai.
What is the annual rent for the leased space?
The annual rent for the leased space is approximately Rs 9 crore.
Who is the property leased from?
The property has been leased from Arihant Superstructures, a listed real estate firm.
Which floors are covered in the lease agreements?
The lease agreements cover four separate floors, from the 13th to the 16th, in the Arihant Aura building.
What major infrastructure projects are enhancing Turbhe's commercial appeal?
Turbhe's commercial appeal is being enhanced by major infrastructure projects such as the upcoming Navi Mumbai International Airport and the Atal Setu (bridges).
Related News Articles
The Ultimate Guide to Housing Costs in Major Canadian Cities
Get an insider's look at the average housing costs in Canada's largest cities, from apartments to detached houses.
China's Economic Stimulus Boosts Steel Prices, but Concerns Persist
China's latest economic stimulus measures have provided a short-term boost to steel prices, driven by infrastructure spending and interest rate cuts, but concerns remain about the sustainability of this trend.
Understanding the New Section 33(20)(B) Modification in DCPR 2034 for Greater Mumbai
The recent modification to Section 33(20)(B) in the Development Control Rules (DCPR) 2034 for Greater Mumbai represents a significant step forward in the real estate sector. This change, introduced by the Maharashtra government, aims to boost affordable h
Germany's Property Sector Sees Modest Growth but Challenges Persist in 2025
German Real Estate: Global real estate firm Jones Lang LaSalle (JLL) reported that property transactions in Germany increased to 35.3 billion euros in 2024, up 14% from the previous year's slump.
Mumbai Football Club IOT FC Breaks Records with 1000 Days Unbeaten Streak
Mumbai, Jan 15 (IANS) In a historic achievement, Mumbai's IOT FC football club has gone 1000 days without a single defeat in the local league, setting a new benchmark in Indian football.
Noida: The Rising Star of Real Estate in Uttar Pradesh
The development of the Noida International Airport, scheduled to commence operations from April this year, is poised to be a significant catalyst for the real estate market in Noida. This bustling city in Uttar Pradesh has already secured nearly 50% of al