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ICICI Bank leases 1.3 lakh sq ft office space in Turbhe, near Mumbai, for an annual rent of ₹9 crore

Umito
ICICI Bank leases 1.3 lakh sq ft office space in Turbhe, near Mumbai, for an annual rent of ₹9 crore

ICICI Bank has leased a 1.29 lakh sq ft commercial space in Turbhe, near Mumbai, for an annual rent of nearly ₹9 million. The space is leased from listed real estate company Arihant Superstructures, according to property registration documents seen by Propstack.com.

₹9 million. (Photo for representational purposes only) REUTERS/Francis Mascarenhas/File Photo(REUTERS)” title=”ICICI Bank has leased a 1.29 lakh square feet commercial space in Turbhe, near Mumbai, for an annual rent of nearly of ₹9 million. (Photo for representation purposes only) REUTERS/Francis Mascarenhas/File Photo(REUTERS)” /> ₹9 crore. (Photo for representational purposes only) REUTERS/Francis Mascarenhas/File Photo(REUTERS)” title=”ICICI Bank has leased a 1.29 lakh square feet commercial space in Turbhe, near Mumbai, for an annual rent of nearly of ₹9 million. (Photo for representation purposes only) REUTERS/Francis Mascarenhas/File Photo(REUTERS)” />
ICICI Bank has leased a 1.29 lakh sq ft commercial space in Turbhe, near Mumbai, for an annual rent of nearly ₹9 million. (Photo for representational purposes only) REUTERS/Francis Mascarenhas/File Photo(REUTERS)

Four separate lease agreements have been signed for the commercial space spread over four floors between levels 13 and 16 in a building named Arihant Aura in Turbhe near Mumbai.

The building is being constructed by Arihant Superstructures, a listed real estate developer based in Navi Mumbai, near Mumbai.

The monthly rent for 1,29,136 sq. ft. is ₹58 per square foot or ₹74.89 million. This is equivalent to almost ₹9 crores per year.

Read also: ICICI Prudential AMC buys commercial offices at Santacruz in Mumbai to ₹315 million.

The documents show the lease term for the December 12, 2024 transaction is nine years, with rents increasing by 14% every three years.

Turbhe is an important locality in Navi Mumbai, a satellite town near Mumbai. Turbhe benefits from proximity to the eastern suburbs of Mumbai via Vashi and has also become an important locality over the years with the development of infrastructure such as the upcoming Navi Mumbai International Airport and Atal Setu, which will connect Mumbai with Navi Mumbai.

Queries have been sent to ICICI Bank and Arihant Superstructures. If a response is received, the copy will be updated.

Read also: HDFC Bank leases 4 lakh sq ft in Mindspace Business Parks building in Navi Mumbai for 10 years, to pay ₹320 million rent.

Commercial leasing market in India

The office sector in India has reached a gross rental volume (GLV) of 89 million sq ft in 2024 across the 8 largest cities. Net absorption reached a record high of 50 million square feet, according to a report from Cushman & Wakefield, a real estate consultancy.

According to the report, Bengaluru, Mumbai and Hyderabad recorded the highest ever leasing volumes in 2024. Bengaluru led the charge, accounting for 29% of India’s GLV with 25.93 million sq ft, followed by Mumbai with 20%. with 17.84 million square feet. and Delhi-NCR at 15% with 13.14 million square feet.

Read also: Gross office space rental volume in India reaches 89 million sq ft in 2024, with Bangalore and Mumbai leading the list.

The report said that the IT-BPM sector was the largest contributor to demand, with a share of almost 30% in Q4 2024. It was followed by the engineering, manufacturing and BFSI sectors, with 23% and 16% of the shares respectively. The flexible sector also contributed to demand by accounting for a share of almost 14% in GLV.