IDFC First Bank Inks Major Lease Deal in Mumbai's Goregaon
IDFC First Bank leases 1.65 lakh sq ft office space in Oberoi Commerz III, Goregaon, Mumbai, reflecting strong market fundamentals and resilience in India's commercial real estate market.
Idfc First BankOberoi RealtyMumbaiCommercial Real EstateOffice LeasingReal Estate MumbaiAug 06, 2024
The lease agreement includes a clause to escalate these rentals by 15% after 36 months from the license commencement date. The lease agreement will commence from January 2025 with a lock-in period of three years, and the fit-out period of total five months will start from July 15, 2024.
The bank will be paying common area maintenance charges of Rs 41.23 lakh per month, taking the total outgo for this office space to over Rs 171 crore over the tenure of the lease, including the rental escalation. The transaction was registered on July 9, and the agreement will also provide exclusive access to a total of 164 car parking slots in the tower.
IDFC First Bank has reported nearly 36% on-year increase in total deposits at Rs 2,09,666 crore and 37.8% growth in customer deposits grew at Rs 2,04,572 crore as of June end. The bank opened 11 new branches to reach a branch count of 955 during the quarter.
information on Oberoi Realty Oberoi Realty is a prominent real estate developer in India, known for developing premium residential and commercial projects. Oberoi Garden City, spread over 80 acres, is a premium mixed-use development in Goregaon located adjacent to a metro station. Oberoi Commerz III is a 2.9-million-sq-ft tower that already houses key occupiers, including global investment bank Morgan Stanley.
Despite global economic sluggishness, the Indian office sector has experienced sustained growth in demand, reflecting strong market fundamentals and resilience against global challenges. According to recent data, the office market surged to its best-ever first half with gross leasing of 33.5 million sq ft, up 29% from a year ago, surpassing the previous first half record performance of 30.71 million sq ft seen in 2019.
The remarkable growth in office leasing underscores the confidence in India's commercial real estate market and its ability to attract significant investments despite broader economic uncertainties. This trend is expected to continue, driven by robust demand from various sectors and favorable market conditions.
IDFC First Bank is a leading private sector bank in India, offering a range of financial services to individuals and businesses. With a growing network of branches and a strong digital platform, the bank aims to provide convenient and personalized banking solutions to its customers.
Frequently Asked Questions
What is the size of the office space leased by IDFC First Bank?
1.65 lakh sq ft
What is the rental agreement for the office space?
Rs 233 per sq ft a month, with a 15% escalation clause after 36 months
Where is the office space located?
Oberoi Commerz III, Goregaon, Mumbai
How many car parking slots will IDFC First Bank have access to?
164
What is the expected growth in India's commercial real estate market?
Driven by robust demand from various sectors and favorable market conditions, the market is expected to continue growing
Related News Articles
Rohan Builders Achieves Unparalleled Excellence with 14 Consecutive Years of CRISIL DA2+ Grading
Rohan Builders continues to maintain its prestigious DA2+ Developer Grading from CRISIL, demonstrating its commitment to excellence in financial and operational parameters.
Sebi Chief Remains Tight-Lipped on Real Estate Investment Trusts
REITs comprise a portfolio of commercial real estate assets, most of which are already leased out.
PGA of America Launches State-of-the-Art Golf Courses in Mumbai, Navi Mumbai, and Hyderabad
AIVOT Golf & Sports Management collaborates with Shapoorji Pallonji Real Estate, Stonecraft Group, and Tvastar Golf to introduce PGA of America-branded golf courses in Mumbai, Navi Mumbai, and Hyderabad, setting a new standard for golf excellence in India
Raymond Expands Real Estate Footprint with Mahim Project Deal
Raymond, in a strategic move, has signed a Joint Development Agreement for a prestigious residential project in the prime location of Mahim West, Mumbai.
Amrita Singh, Zaheer Khan Among Celebrities Investing in Mumbai's Luxury Real Estate
Amrita Singh and Zaheer Khan are among the latest celebrities making significant investments in Mumbai's luxury real estate market. Discover the trends and insights of these high-profile investments.
SP Group Raises $3.3 Billion from Five Funds to Boost Real Estate and Construction Projects
SP Group secures a significant $3.3 billion investment from five prominent funds, aimed at refinancing and expanding its real estate and construction projects. This strategic move will help the company solidify its position in the market and drive sustain