HDFC Bank Ltd., one of India’s leading banking institutions, has entered into a significant lease agreement with Histyle Retail Pvt Ltd for multiple units at R Square, JB Nagar, Andheri East. The registration of the lease was completed on January 27, marking a major transaction in Mumbai's commercial real estate market.
According to the registration data accessed by CRE Matrix, a real estate data analytics firm, the agreement covers a range of units spread across six floors of the building. The deal is split into three key arrangements: Unit 7 on the Ground Floor: Spanning 2,797 sq. ft. of carpet area and 4,662 sq. ft. of total area, the monthly rent for this unit begins at ₹8.39 lakh, with a starting rate of ₹300 per sq. ft. Two parking spaces are included in this lease.
Units on the 1st to 3rd Floors: With a total carpet area of 1,34,484 sq. ft. and an overall area of 2,24,140 sq. ft., this portion has a starting monthly rent of ₹3.17 crore, translating to ₹236 per sq. ft. The agreement includes 112 parking spaces.
Units on the 4th to 6th Floors: Covering 1,35,279 sq. ft. of carpet area and 2,25,465 sq. ft. overall, this segment is being leased for ₹3.19 crore per month, also at a rate of ₹236 per sq. ft. The lease provides for 113 parking spaces.
In total, HDFC Bank has committed to monthly rental payments exceeding ₹6.44 crore, with a cumulative security deposit of ₹115.63 crore. The registration of the lease underscores the bank’s expansion strategy and reflects the growing demand for premium commercial spaces in Andheri East, a key business hub in Mumbai.
"HDFC Bank has leased near 4.5 lakh sq ft retail branch and office in JB Nagar for 10 years. I think it’s an extremely smart move as Andheri is the most rocking office market of Mumbai in terms of annual leasing activity, new housing developments, metro connectivity, airport connectivity, highway connectivity, top hospitality and everything in between," said Abhishek Kiran Gupta, CEO & Cofounder, CRE Matrix & IndexTap.com.
This deal further highlights R Square as a prominent location for corporate establishments, offering expansive spaces, state-of-the-art amenities, and strategic connectivity.
