This lease signals the growing demand for quality commercial real estate in Navi Mumbai, which has rapidly evolved from a peripheral market into a vibrant hub
HDFC Bank has taken a significant step in its expansion plans by leasing 4 lakh square feet of office space in Navi Mumbai, for ₹320 crore over 10 years being one of the largest office deals this year.
This substantial deal, comprising two separate agreements with the K Raheja Corp-backed Mindspace Business Parks REIT, underscores the growing demand for office space in Navi Mumbai, positioning the area as a key commercial destination within the Mumbai Metropolitan Region.
The leased space spans an eight-storey office tower with a basement, covering 1.97 lakh square feet in Gigaplex Building 5 and an additional 2.18 lakh square feet across five floors. The agreement includes a 15% rental escalation clause and a security deposit of ₹25.81 crore, reflecting the scale and long-term nature of the deal.
This lease signals the growing demand for quality commercial real estate in Navi Mumbai, which has rapidly evolved from a peripheral market into a vibrant hub. Major tenants like Dow, Accenture, IDFC, and Princeton Digital have already established a presence, with more expected to follow suit.
Navi Mumbai's rise as a commercial powerhouse is fueled by excellent connectivity and key infrastructure projects, including the Navi Mumbai International Airport, the establishment of a new city under the Navi Mumbai Airport Influence Notified Areas (NAINA), Kharghar Corporate Park, proposed World Trade Centre near Juinagar and road connectivity like the KTLR.
These developments position Navi Mumbai as a strong alternative to the saturated Mumbai market. With its growing infrastructure and an evolving business ecosystem, the region is expected to become a key destination for corporate leasing, with the HDFC Bank lease further highlighting its growing prominence as a commercial real estate investment hub.
HDFC Bank is set to establish a dedicated learning center within the 80-acre Lodha Business District at Lodha Palava Phase II, located in the Shilphata Region. Refer to Figure 1.1
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Article source: Mint and Economic Times
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