HDFC Bank leases 4.16 lakh sq ft at Gigaplex, Navi Mumbai, for ₹24 crore annually. The 10-year lease includes 322 parking spaces and a 15% rent escalation every three years. The office, likely for IT/ITES operations, highlights Navi Mumbai’s growing prominence as a hub for Grade-A commercial spaces.
In a significant real estate move, HDFC Bank has leased 4.16 lakh square feet of office space at the Gigaplex complex in Navi Mumbai’s Mindspace property, developed by K Raheja Corp. The long-term lease spans 10 years and is valued at an annual rental of ₹24 crore, equivalent to a monthly rent of ₹2 crore at ₹49 per square foot.
The lease agreement, registered on November 13, includes two distinct leases—one for 197,877 square feet and the other for 218,217 square feet. HDFC Bank has secured provisions for 322 car parking spaces alongside the office space. The deal also includes a rental escalation clause of 15% every three years, ensuring adjustments for market dynamics over the lease period.
Substantial Commitment
HDFC Bank made a significant security deposit of ₹12.23 crore as part of the agreement. According to industry sources, the lease is set to commence on January 1, with the space likely being designated for IT/ITES operations.
This substantial leasing activity reflects the growing demand for high-quality office spaces in Navi Mumbai. This hub has increased interest due to its infrastructure, connectivity, and cost-effectiveness.
Strategic Location and Industry Growth
The Gigaplex complex in Airoli is part of Navi Mumbai’s burgeoning commercial landscape. With cutting-edge facilities and strategic proximity to Mumbai, the property has become a preferred destination for financial institutions and IT companies alike.
While neither HDFC Bank nor K Raheja Corp provided official comments, this deal aligns with the banking giant’s strategic focus on expanding its infrastructure to meet evolving operational needs.
Industry Insight
This leasing agreement highlights the strong demand for Grade-A office spaces in India, driven by companies seeking to strengthen their operational capabilities. With Navi Mumbai emerging as a competitive alternative to traditional business hubs, large-scale deals underline the region’s growing prominence in the commercial real estate market.
HDFC Bank’s investment signals confidence in Navi Mumbai’s infrastructure and its potential to support IT-driven growth, reinforcing the area’s reputation as a key player in India’s flexible office space landscape.
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