ICICI Bank leases commercial space in Navi Mumbai for a massive ₹9 crore a year. Details here

ICICI Bank signed a lease for a 1.29 lakh square foot property in Turbhe, near Mumbai. The commercial property's annual rent will be a whopping ₹9 crore. According to property registration documents, the property is leased from listed real estate firm Arihant Superstructures, Propstack.com reported.

The commercial space, spread across four floors between levels 13 and 16, was leased out with four separate agreements. The building named Arihant Aura in Turbhe near Mumbai fetches a monthly rent of ₹58 per sq ft, taking the total rent to ₹74.89 lakh per month for 1,29,136 sq ft.

The documents procured by Propstack.com revealed that the lease tenure for the transaction on December 12, 2024, is nine years. This deal will offer a 14 per cent rental escalation every three years.

What's the reason behind the high rent in Turbhe?

Notably, the property is located in an affluent locality in Navi Mumbai's Turbhe. The site is famous for its proximity to Mumbai's eastern suburbs through Vashi. The location has gained prominence in view of infrastructure developments that will connect Mumbai with Navi Mumbai, such as the upcoming Navi Mumbai International Airport and Atal Setu.

(Mint could not independently confirm the development of the news)

In 2024, India’s office sector noted a gross leasing volume (GLV) of 89 million sq ft across the top 8 cities. A report by real estate consultancy Cushman & Wakefield said net absorption reached an all-time high of 50 million sq ft.

Bengaluru, Mumbai, and Hyderabad registered the highest-ever leasing volumes last year. Taking the top spot, Bengaluru accounted for 29 per cent of India’s GLV at 25.93 million sq ft. Mumbai followed with 20 per cent GLV with 17.84 million sq ft while Delhi-NCR recorded 15 per cent with 13.14 million sq ft. The IT-Business Process Management sector was the largest contributor to demand, with a nearly 30 per cent share in Q4 2024, the report said.