E-Paper
HDFC Bank leases 4 lakh sq ft in Mindspace Business Parks building in Navi Mumbai for 10 years, to pay ₹320 crore rent
HDFC Bank has leased an 8-storey building with an area of 4.16 lakh sq ft from Mindspace Business Parks in Navi Mumbai
HDFC Bank has leased 4 lakh sq ft of office space spread across an entire building of eight floors in Mindspace Business Parks, part of the Mindspace REIT portfolio, in Airoli West, Navi Mumbai, for a total contractual value of more than ₹320 crore for 10 years.
The bank entered into the lease agreement with Mindspace Business Parks in two separate deals.
As per the first lease deed registered in November accessed by Propstack, the bank has leased 1.97 lakh sq ft of space in Gigaplex Building 5, also known as the Mindspace Business Park, Airoli West. The area includes the lobby, fifth, sixth, seventh, and eighth floors and has 154 car parks.
According to the second lease deed, the company has rented 2.18 lakh sq ft of space in the lobby, first, second, third, and fourth floors, including 168 car parks.
Also Read: IDFC First Bank leases four floors spanning 1.64 lakh sq ft in Mumbai
The total chargeable area is 4.16 lakh sq ft. The documents showed that the deal includes a 15% rental escalation provision. Sources said the total contractual value is more than ₹320 crore over the 10-year period.
The documents showed that the bank intends to use the space for its banking back office operations and to carry out its informational technology and information technology-enabled services.
More about the deal
This is part of the demarcation of the processing area of the SEZ space within the Business Park.
According to sources, this deal is part of the Mindspace Business Park’s demarcation of the special economic zone space processing area within the Business Park. Mindspace has converted the eight-floor building into a non-processing area as per the government’s decision to allow for partial, floor-wise denotification of SEZs through the amendment to SEZ rules.
Queries have been sent to HDFC and Mindspace REIT. If they respond, the story will be updated.
Navi Mumbai has emerged as a key micro-market for commercial real estate, driven by its strategic location and excellent connectivity. With ongoing infrastructure projects like the Navi Mumbai International Airport and metro construction, connectivity is set to improve even further. The region offers a dynamic business environment, with industries like banking, finance, and manufacturing setting offices in the micro-market.
Airoli, in particular, has become a hub for the banking, IT, and technology industries. The rise of new-generation commercial hubs and mixed-use developments catering to the growing workforce is further fuelling the demand for commercial properties in Airoli.
Also Read: Federal Bank buys over 1.01 lakh sq ft of office space in Mumbai’s Wadala area for ₹330 crore
A few months back, a report published in the Economic Times said that HDFC Bank has decided to divest several key commercial properties inherited during its 2023 merger with its mortgage-lender parent, HDFC. The report said monetising these assets, including some residential apartments, could fetch the bank about ₹3,000 crore.
In 2023, HDFC Bank bought 284,567 sq ft of premium office space at World Trade Tower in South Delhi’s Nauroji Nagar from state-run NBCC India Ltd for ₹1,130 crore.
HDFC Bank had also leased 2.17 lakh square feet (sq ft) of office space in Noida for 18 years, for a starting monthly rent of ₹1.47 crore last year.
