Mumbai: HDFC Bank has leased an eight-storey office tower in Navi Mumbai for 10 years, with total rental costs exceeding Rs 320 crore, marking one of the largest office deals this year. The tower, located in the Mindspace Airoli West commercial complex, covers over 400,000 square feet of office space, sources known to the deal said.
The bank has entered into two lease agreements made through two separate contracts with Mindspace Business Parks REIT, backed by K Raheja Corp.
While the rent escalation is 15% year-on-year, the bank paid Rs 12 crore as deposit. According to one of the agreements registered on November 13, the lease begins on January 1, 2025, sources said.
The building, comprising a basement, ground floor, and eight upper floors, is expected to become a key hub for HDFC Bank's operations, supporting its expansion and operational efficiency. The bank is currently operating from another building within the same complex.
Mindspace Business Parks REIT has received approval to convert the building into a non-processing area, following a government amendment to the SEZ Rules, 2006, which allows partial and floor-wise denotification of special economic zones.
Other prominent tenants in the Mindspace Airoli West complex include Dow, Accenture, IDFC, Princeton Digital, and Tecnimont.
