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HDFC Bank has leased commercial space in Mumbai for Rs.77 Crore Annual Rent


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HDFC Bank has leased a 2.72 lakh sq ft commercial space in Andheri, Mumbai, for an annual rent exceeding ₹77 crore, as per property registration documents accessed by CRE Matrix.

The leased property is located in a building named R Square, developed by Histyle Retail Pvt Ltd, a subsidiary of Runwal Realty. The agreement covers a carpet area of 2.72 lakh sq ft for a tenure of 10 years.

Lease Details

The lease has been executed through three separate agreements, covering selected units across multiple floors, including the ground, first, second, third, fourth, fifth, and sixth floors. The monthly rent is set at ₹6.45 crore, totaling over ₹77 crore annually. The agreement includes a 15% rent escalation clause every 36 months.

The agreement was registered on January 27, 2025, and the licensee commencement date is January 21, 2025.

The leased space comes with 207 parking spaces, and HDFC Bank has provided a security deposit of ₹116 crore for the transaction.

Expert Insights

Commenting on the deal, Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, said, “Andheri is a growing office market in Mumbai due to its robust connectivity via metro, airport, and highways, along with its thriving hospitality and housing developments.”

Previous Real Estate Transactions by HDFC Bank

This is not the first significant lease by HDFC Bank. In November 2024, the bank leased an 8-storey building with an area of 4.16 lakh sq ft from Mindspace Business Parks in Navi Mumbai. The 10-year lease had a contractual value of ₹320 crore.

Other Recent Leasing Activities in Mumbai

Earlier this month, ICICI Bank leased 1.29 lakh sq ft of commercial space in Turbhe, near Mumbai, for an annual rent of nearly ₹9 crore. The lease included four separate agreements covering floors 13 to 16 in a building named Arihant Aura.

An email seeking comments has been sent to HDFC Bank and Histyle Retail Pvt Ltd. The story will be updated upon receiving their response.

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