ICICI Bank has signed a lease for 1.29 lakh square feet of commercial space in Turbhe, a prominent locality near Mumbai, for an annual rent of nearly ₹9 crore. The lease is with Arihant Superstructures, a listed real estate firm based in Navi Mumbai, as per property registration documents obtained by Propstack.com.
The commercial space, located in the Arihant Aura building in Turbhe, is spread across four floors, from the 13th to the 16th level. The total monthly rent for the 1,29,136 square feet of space is ₹58 per square foot, amounting to ₹74.89 lakh per month. This brings the annual rent to approximately ₹9 crore.
The lease agreement, signed on December 12, 2024, has a tenure of nine years. It also includes a 14% rent escalation every three years.
Turbhe, located in Navi Mumbai, has gained significance due to its proximity to Mumbai’s eastern suburbs, including Vashi. The area has seen significant infrastructure development, including the upcoming Navi Mumbai International Airport and the Atal Setu, which will connect Mumbai and Navi Mumbai more efficiently.
Queries have been sent to both ICICI Bank and Arihant Superstructures for comment. If responses are received, the article will be updated accordingly.
In a related report, India’s office sector reached a gross leasing volume (GLV) of 89 million square feet in 2024 across the top eight cities. Net absorption hit a record high of 50 million square feet, according to real estate consultancy Cushman & Wakefield. Bengaluru, Mumbai, and Hyderabad recorded the highest-ever leasing volumes, with Bengaluru leading at 29% of the GLV, followed by Mumbai at 20% and Delhi-NCR at 15%. The IT-BPM sector was the largest contributor to demand, followed by the engineering, manufacturing, and BFSI sectors. The flex sector also contributed nearly 14% to the GLV.
