Mumbai’s commercial real estate market set new benchmarks in 2024, driven by record-breaking rental agreements and a surge in demand for premium office spaces. The city, known as India’s financial hub, saw high-value transactions, particularly in Bandra Kurla Complex (BKC), where rentals reached ₹700 per square foot—the highest in the country.

According to Maharashtra’s Inspector General of Registration data, The first six months of 2024 witnessed a 13% rise in rental registrations, with 1.90 lakh agreements signed across residential, commercial, and retail sectors. Below are the top five commercial lease deals that defined Mumbai’s dynamic market in 2024.

IMC India Secures ₹700/sq ft Office Space in BKC

In June 2024, IMC India Securities leased 5,830 square feet of prime commercial space at Maker Maxity 4 in Bandra Kurla Complex. The short-term lease, brokered at ₹700 per square foot per month, represents one of the highest rentals recorded for office space in BKC. Local brokers noted that short-term leases typically command a premium, emphasising the exclusivity of this deal.

Morgan Stanley’s Landmark Lease in Goregaon

In a record-setting transaction, Morgan Stanley leased 1 million square feet of office space at Oberoi Commerze III in Oberoi Garden City, Goregaon. Registered in August 2024, the nine-year lease starts at a monthly rental of ₹15.96 crore, making it the largest commercial space transaction in Mumbai by size and rent. The 16-floor office space reflects the continued demand from global financial services firms for high-grade infrastructure.

Deloitte Expands with ₹2.09 Crore Monthly Rent.

Deloitte Shared Services India LLP also secured space in Oberoi Commerze III, leasing 80,849 square feet in November 2024. The five-year lease, with a starting rent of ₹258 per square foot per month, totals ₹2.09 crore monthly. Terms include a 15% escalation after 36 months, underscoring the growing demand for premium office facilities in the Goregaon business hub.

IDFC First Bank Signs a Major Deal

IDFC First Bank leased four floors spanning 1.64 lakh square feet in Oberoi Garden City, Goregaon East. Beginning January 2025, the five-year lease includes parking for 165 cars and starts at ₹233 per square foot, or ₹3.85 crore monthly. The agreement features a 15% rent escalation after three years, reflecting the consistent rise in rental values across Mumbai’s commercial market.

Barclays’ ₹2.08 Crore Lease in Worli

Barclays began 2024 with a significant deal, leasing 64,995 square feet at Altimus in Worli. The five-year lease, registered in January, includes a starting monthly rent of ₹2.08 crore. Worli, known for its premium office spaces, continues to attract global corporations, further cementing its reputation as a prime business district.

Market Trends Driving Growth

Mumbai’s top business districts like BKC, Goregaon, and Worli have experienced significant rental hikes, driven by strong demand from multinational corporations and financial institutions. Data shows that average rental rates in BKC reached ₹27,500 per month in 2023, a 20% rise from ₹23,000 in 2019. Similar trends were observed in Gachibowli and Kondapur, marking consistent growth in the city’s commercial real estate sector.

With global firms like Morgan Stanley, Barclays, and Deloitte securing long-term leases, Mumbai’s commercial property market is poised for sustained growth. These deals underscore the city’s enduring appeal as a strategic hub for international business. As rental rates and demand rise, Mumbai sets new standards in India’s real estate landscape.