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UK’s University of York leases 37,602 sq ft office space in Mumbai’s Powai for nearly ₹50 crore for five years
Mumbai real estate: UK-based University of York has leased a commercial space in Powai's One Boulevard for a period of five years
UK-based University of York has leased 37,602 sq ft of commercial space in Powai, Mumbai, for a monthly rent of nearly ₹50 crore for a tenure of around five years, according to property registration documents accessed by Propstack.
The space has been leased from Kairos Properties Pvt Ltd, a Brookfield affiliate, in One Boulevard, a building in the Powai area of Mumbai.
The space is located on the third and fourth floors of the building, with a starting monthly rent of ₹75.20 lakh, the documents showed.
The space has been leased for five years, and the agreement includes a clause for rent increases of 5 per cent each year. The per-month rent in the second year is ₹78.96 lakh, in the third year ₹82.91 lakh, in the fourth year ₹87.05 lakh, and in the fifth year ₹91.41 lakh, documents show. The transaction includes a three-year lock-in period, the documents showed.
The lease commencement period is December 1, 2025, to November 30, 2030, with the first month's rent free. The security deposit for the first three years is ₹4.51 crore, and for the last two years of the tenure, it goes up to ₹5.18 crore. A stamp duty of over ₹14 lakh and a registration fee of ₹1,000 were paid for the transaction, documents showed.
Also Read: JP Morgan Services India leases 2.71 lakh sq ft flexi office space in Mumbai’s Powai for ₹612 crore
The commercial space was leased, along with 27 parking spaces, and any additional parking will be charged at ₹8,500 per car per month.
An email query has been sent to Brookfield Properties and the University of York. The story will be updated if a response is received.
Commercial space leasing in India
India’s office real estate market crossed 83.3 million sq ft (msf) of gross leasing in 2025, marking a 7.8 per cent year-on-year increase from 77.2 million sq ft in 2024, led by Bengaluru, Delhi-NCR, Hyderabad and Mumbai, according to a JLL report. Delhi-NCR was the only city to record a decline in commercial leasing, slipping 1.6 per cent year-on-year.
The fourth quarter of 2025 saw a record 26.8 million sq ft in leasing, driven by demand from global firms, expanding GCCs, and a sharp rise in flex space absorption, the JLL report released in January 2026 said.
Also Read: Office leasing crosses 83 million sq ft in 2025, up 7.8% YoY, led by Bengaluru, Mumbai and Hyderabad
Bengaluru led the country with 24.1 million sq. ft of gross leasing in 2025, recording a 9.8 per cent increase over the previous year. Chennai followed with 8.7 million sq. ft, up 9.7 per cent, while Hyderabad achieved 11.7 million sq. ft, registering an 8.9 per cent rise, it said.
Mumbai posted one of the strongest growth rates at 13 per cent, reaching 11.6 million sq. ft, and Pune delivered the highest expansion among major markets with an 18.2 per cent jump to 8.1 million sq. ft. In contrast, Delhi NCR saw a 1.6 per cent decline to 17.4 million sq. ft, and Kolkata contracted by 9.2 per cent to 1.6 million sq. ft, it said.
