ICICI Bank has leased 1.29 lakh square feet of office space in Turbhe, Navi Mumbai, at an annual rent nearing ₹9 crore. Real estate developer Arihant Superstructures own the commercial property in the Arihant Aura building. The deal spans four floors, from levels 13 to 16, with a monthly rent of ₹58 per square foot, as revealed in property registration documents accessed by Propstack.com.

The lease agreement, signed on December 12, 2024, is valid for nine years, with a scheduled 14% rent escalation every three years. Turbhe, a growing commercial hub in Navi Mumbai, is gaining prominence due to significant infrastructure developments such as the Navi Mumbai International Airport and Atal Setu Bridge, which will enhance connectivity with Mumbai.

This strategic lease highlights Navi Mumbai’s increasing appeal to corporate occupiers. The area’s proximity to Mumbai’s eastern suburbs and expanding infrastructure make it an attractive business destination. A spokesperson states, “Navi Mumbai’s growth trajectory is reshaping the commercial real estate landscape, attracting top players like ICICI Bank.”

Commercial Leasing Soars in 2024

Leasing is a more significant trend in India’s commercial real estate sector. According to Cushman & Wakefield’s 2024 report, the country recorded an impressive gross leasing volume (GLV) of 89 million square feet across the top eight cities. Net absorption also reached a historic 50 million square feet.

Bengaluru dominated the market with a 29% share of India’s GLV at 25.93 million square feet, followed by Mumbai with 20% and Delhi-NCR with 15%. The IT-BPM sector remained the most significant contributor to leasing demand, accounting for 30% in the fourth quarter of 2024. Meanwhile, the banking, financial services, and insurance (BFSI) sector—ICICI Bank’s domain—held a significant 16% share, further underscoring its pivotal role in commercial leasing.

Flex office spaces also emerged as key players, contributing to 14% of the GLV. The growing demand from diverse sectors reflects a shift in how organisations are optimising their office portfolios post-pandemic.

A Milestone for Arihant Superstructures

The lease deal is a noteworthy achievement for Arihant Superstructures, which developed Arihant Aura in Navi Mumbai. Known for its high-quality commercial and residential projects, the listed developer has played a significant role in elevating Navi Mumbai’s real estate profile. “This transaction underscores our commitment to delivering spaces that meet the evolving needs of industry leaders,” a representative from Arihant Superstructures remarked.

ICICI Bank’s decision to secure prime office space in Turbhe reaffirms the area’s potential as a commercial hub. With infrastructure projects nearing completion and increasing leasing activity, Navi Mumbai is poised to attract more high-profile tenants in the coming years.

This landmark deal strengthens ICICI Bank’s presence in a key market and signals sustained growth in India’s dynamic commercial real estate sector.