HDFC Bank leases Navi Mumbai office space for 10 years, to pay ₹320 crore rent
HDFC Bank has reportedly leased office space in Airoli, Navi Mumbai at Mindspace Business Parks for ₹320 crore, payable over a 10-year tenure.
HDFC Bank leased a four-lakh-square-foot office space at Mindspace Business Parks in Airoli West, Navi Mumbai, for ₹320 crore, payable over 10 years, Hindustan Times reported on Tuesday, December 10.
The private sector bank has entered into two separate lease agreements with Mindspace Business Parks. According to the first lease agreement, HDFC Bank has leased 1.97 lakh sq. ft. of space in Gigaplex Building 5, also known as the Mindspace Business Park, Airoli West. The area included under the lease was the lobby, fifth, sixth, seventh, and eighth floors. It also has 154 car parking slots.
The second lease highlights that the lender has rented 2.18 lakh sq ft of space in the lobby, first, second, third, and fourth floors, including 168 car parking slots, according to the report.
The agreement documents show that the deal includes a 15 per cent rental escalation provision, with a total contract value of over ₹320 crore over a 10-year period.
HDFC Bank shares closed 0.09 per cent lower at ₹1,868.05 on Tuesday, compared to its previous market close at ₹1,869.80.
Agreement details
According to the agreement details, HDFC Bank intends to use the space for its back office operations and IT and IT-enabled services needs.
The report quoted sources as saying that the deal is part of Mindspace Business Park’s demarcation of the Special Economic Zone (SEZ) space processing area.
Navi Mumbai has become an important micro-market for commercial real estate due to its strategic location and excellent connectivity. With projects like the Navi Mumbai International Airport and metro construction, Navi Mumbai is poised to witness more infrastructural development in the upcoming years.
Airoli has become a banking, IT and technology industries hub, and with the rise of the new generation commercial hubs and the rowing workforce, the demand for office spaces in Airoli is increasing, according to the report.
LiveMint couldn't independently verify the report.
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Business NewsCompaniesNewsHDFC Bank leases Navi Mumbai office space for 10 years, to pay ₹320 crore rent
First Published:10 Dec 2024, 10:46 PM IST
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