Mumbai News: HSBC's Lease Amount Up By 56% In 1 Decade
It will now pay a whopping rent of Rs3.39 crore per month.
Mumbai: The Hong Kong and Shanghai Banking Corporation (HSBC) has renewed its lease agreement with NESCO IT Park in Goregaon. Since 2013, when the international bank first moved in, the rent has escalated by almost 56%.
On June 27, the fresh lease agreement was signed between the commercial space owner – NESCO Limited – and HSBC at the rate of ₹191 per sq ft or ₹3.39 crore per month.
HSBC offices
For a decade now, HSBC has been housed at floor numbers 9, 10 and 11 in NESCO IT Park’s Tower 3. It pays rent for 1,77,658.59 sq ft; of which, it has a usable area of 1,42,126.86 sq ft along with 178 car parking spaces, showed registration document accessed via Propstack, a real estate data analytics firm.
First branch in Goregaon
In 2013, the London-based bank had first set up its office at Goregaon East. Back then, it paid ₹122.50 in rent for each square feet of area inside the commercial space while the lease period was for five years.
On the expiry of the lease tenure, both the companies renewed the contract in 2018 for ₹152 per sq ft. A price of ₹191 per sq ft was mutually agreed for the latest renewal.
Earlier this year, HSBC Software Development India leased a few floors in Business Bay at Pune’s Yerawada area for a monthly rent of ₹4.6 crore. The lease tenure at Pune’s latest office space will commence from October 1 for a period of five years and the bank will get to utilise 5.2 lakh sq ft of space.
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