Navi Mumbai, 11th December 2024
HDFC Bank has secured a 10-year lease for 416,000 sq ft of office space at the Gigaplex complex within K Raheja Corp’s Mindspace property in Airoli, Navi Mumbai.
The bank will incur an annual rental expense of Rs 24 crore, which translates to a monthly rent of Rs 2 crore (Rs 49 per sq ft), as per documents obtained from Propstack. The lease consists of two separate agreements: one for 197,877 sq ft and another for 218,217 sq ft, along with provisions for 322 car parking spaces. The lease agreement includes a clause for a 15% rental increase every three years.
The documents also disclose that HDFC Bank has made a security deposit of Rs 12.23 crore. The lease, registered on November 13, is set to begin on January 1.
Sources suggest that the space will likely be utilized for IT/ITES operations, although both HDFC Bank and K Raheja Corp were unavailable for comment.
