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IDFC First Bank has taken up a total of 18 floors of office spread over approximately 4.5 lakh sq. ft. commercial Project Quantum In Hiranandani Estate In thane from real estate developer Hiranandani Group On long term lease of 10 years with renewal option.
This is one of the largest office leasing transactions concluded this year. The private sector bank will pay Rs 202.5 crore as rent for office space in the first five-year tenure of the lease including maintenance.
IDFC First Bank In addition to consolidation, it plans to utilize the newly leased space to expand its operations and processing operations.
The 25 storey tower has been completed recently and is now ready for fit out. The bank has entered into an agreement to lease this space Roma BuildersOne of the subsidiaries of the Hiranandani Group, which counts Niranjan and his brother, Surendra Hiranandani, as directors.
While the two brothers are running separate real estate companies and developing projects, they jointly own several real estate projects and properties.
The bank has leased office space on the 5th to 13th floors, 15th to 17th floors and 20th to 25th floors, and the deal for the same was registered on August 30, documents accessed through real estate analytics firm Propstack shows to.
Last year, IDFC First Bank leased an entire commercial building—the former headquarters of Citibank India at Bandra-Kurla Complex (BKC), Mumbai’s business district, for a full 9-year tenure. Spread over 1.30 lakh sq ft, this 10-storey property agreement includes rental rest clauses with an increase of 15% every three years, taking the total lease value to over Rs 450 crore over the total tenure.
ET’s email query to IDFC First Bank and House of Hiranandani remained unanswered till it went to press.
Despite the pandemic-induced work-from-home and hybrid options, office leasing commitments have remained intact over the past year and have moved higher as per actual leasing as well as pre-leasing commitments.
Very limited or almost no downsizing by large corporations also indicates a change in the sense of possession and greater certainty of business as the pandemic is now under control.
In a sign of continued demand and absorption of office space, Mahindra & Mahindra Financial Services last week leased around 2.75 lakh sq ft of office space at Agastya Corporate Park, Piramal Realty’s commercial complex in central Mumbai’s Kurla area. The company will pay a monthly rent of Rs 2.50 crore, taking the total salary to around Rs 270 crore.
Previously, financial services firm edelweiss The securities acquired about 1 lakh square feet of office space in Adani Realty’s business project Inspire BKC in the business district through a long-term lease of over 9 years. The rental payment in this deal will be Rs 285 crore over the total tenure of the deal and is the largest office space transaction of the year.
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