Navi Mumbai: ICICI Bank has leased 1.29 lakh sq ft of commercial space in Turbhe, Navi Mumbai, for an annual rent of nearly Rs 9 crore. The property has been leased from Arihant Superstructures, a listed real estate firm, as per property registration documents accessed by Propstack.com.
The lease covers four separate agreements for space spread across four floors, from the 13th to the 16th, in a building named Arihant Aura.
Developed by Navi Mumbai-based Arihant Superstructures, the building offers a monthly rent of Rs 58 per sq ft, amounting to Rs 74.89 lakh per month, translating to approximately Rs 9 crore per year.
The lease agreement, dated December 12, 2024, has a tenure of nine years with a rental escalation of 14% every three years.
Turbhe is a prominent locality in Navi Mumbai, known for its strategic connectivity to Mumbai’s eastern suburbs via Vashi. It has gained significance due to major infrastructure projects like the upcoming Navi Mumbai International Airport and Atal Setu, enhancing its appeal as a commercial hub.
