Mumbai real estate: Bank of America subsidiary leases 1.11 sq ft office space in Powai for ₹1.4 crore monthly rent

Mumbai real estate: BA Continuum India, a subsidiary of Bank of America, leased the space in Powai’s Cignus building at ₹129 per sq ft per month for 10 years

BA Continuum India Private Limited, a subsidiary of Bank of America, has leased 1.11 lakh sq ft of office space in Mumbai’s Powai for a monthly rent of about ₹1.43 crore, according to documents accessed by CRE Matrix.

Mumbai real estate update: BA Continuum India Private Limited, a subsidiary of Bank of America, has leased 1.11 lakh sq ft of office space in Mumbai’s Powai for about ₹1.43 crore a month, documents from CRE Matrix show. (Representational Image) (Pexels)

The company has entered into a registered lease agreement with Chalet Hotels Limited for the office space located in Cignus, Passpoli, Powai, according to documents. The space spans the 22nd and 23rd floors of the commercial tower, and the lease was registered on December 24, 2025.

The rent translates to ₹129 per sq ft per month, with additional common area maintenance (CAM) charges of ₹20 per sq ft monthly, it said.

The lease and the rent commenced on January 1, 2026, and the total lease tenure is 10 years and 9 months. The agreement includes a lock-in period of three years. The agreement specified that the rent will increase by 15 percent on October 1, 2027, and will subsequently escalate by 15 percent every three years thereafter, calculated on the last paid rent, the document showed.

BA Continuum has paid a security deposit of ₹8.59 crore and has 112 car parking slots as part of the transaction.

An email query was sent to BA Continuum and Chalet Hotels. The story will be updated if a response is received.

Previous transactions in Powai

Earlier, JP Morgan Services India Private Limited leased more than 2.71 lakh sq ft of commercial office space in Powai for a five-year term at a total rental value of ₹612 crore, according to property registration documents accessed by CRE Matrix. The office space, located in One Downtown Central (formerly known as CRISIL House), spanned the 3rd to the 9th floors of the building.

The office space was leased for a period of 60 months, with a lock-in period of 30 months, at a starting monthly rent of over ₹9.23 crore and a total security deposit of over ₹55 crore.

Last year in October, Credit rating agency CRISIL Limited signed a 15-year lease agreement for approximately 2.5 lakh sq ft of office space, valued at ₹597 crore, in Hiranandani Lightbridge, located in the Saki Vihar area of Powai, according to property registration documents accessed by Propstack.

The deal was among the largest commercial real estate transactions in Mumbai in 2025. Under the agreement, Crisil paid a monthly rent of ₹2.35 crore, equivalent to ₹94 per square foot per month. Over the 15-year tenure, the total rent outgo is expected to reach ₹597.3 crore, excluding maintenance and taxes. The lease also includes a 4.77% annual escalation, according to the agreement.

Powai has developed into one of Mumbai’s steady office markets, driven by good connectivity, strong residential catchments and the presence of established commercial projects. The area attracts IT, BFSI, consulting and global capability centres because companies can find large, modern office floors along with supporting infrastructure. Its proximity to the Eastern Express Highway, JVLR and the international airport has also helped companies consolidate operations in this micro-market.