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ICICI Bank has leased 1.29 lakh sq ft of commercial space in Turbhe, Navi Mumbai, from Arihant Superstructures for an annual rent of nearly INR 9 crore. The lease, spread across four floors, includes a tenure of nine years with a 14% rental escalation every three years. Recently, HDFC Bank had also leased 4 lakh sq ft across eight floors in Airoli West's Mindspace Business Parks for over INR 320 crore over ten years. Navi Mumbai's evolving infrastructure, such as the Navi Mumbai International Airport, Atal Setu and metro projects, continues to boost its prominence as a hub for industries like banking and IT.
ICICI Bank has signed a lease for 1.29 lakh sq ft of commercial space in Turbhe, Navi Mumbai, at an annual rent of approximately INR 9 crore. The leased property, located in Arihant Aura, is owned by Arihant Superstructures, a publicly listed real estate developer. The agreement covers four floors, from levels 13 to 16, and stipulates a monthly rent of INR 58 per sq ft, amounting to INR 74.89 lakh. The lease agreement, effective from earlier this month, is for a nine-year term with a 14% rent escalation every three years. Advertisement
Turbhe is strategically located in Navi Mumbai, offering connectivity to Mumbai's eastern suburbs via Vashi. Infrastructure developments such as the upcoming Navi Mumbai International Airport, Vashi Bridge and Atal Setu, are enhancing the area's appeal as a commercial hub.
In another transaction late last year, HDFC Bank secured 4 lakh sq ft of office space across an entire building in Mindspace Business Parks, Airoli West. This property, part of the Mindspace REIT portfolio, has a contractual value exceeding INR 320 crore for ten years. Airoli has emerged as a preferred destination for the banking, IT, and technology industries, contributing to Navi Mumbai's prominence as a commercial real estate micro-market.
Other significant transactions in Mumbai highlight the city's prominence in commercial real estate. ICICI Prudential purchased 1,464 sq m of land and a 12-floor commercial space in Santacruz East for INR 315 crore. The UK Consulate acquired 12 office units in Lower Parel's One Lodha Place for INR 101.2 crore earlier this year. Rekha Jhunjhunwala's Kinnteisto LLP finalised a deal to purchase 1.94 lakh sq ft of office space in Bandra Kurla Complex (BKC) and Chandivali for INR 740 crore.
India's office market has also reached new heights in 2024, with leasing volumes breaking records across key cities. A gross leasing volume of 89 million sq ft was achieved in 2024. Bengaluru led the activity with 29% of the total GLV, followed by Mumbai and Delhi-NCR. The IT-BPM sector accounted for the highest demand, with significant contributions from the engineering, manufacturing, and BFSI sectors.
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