ICICI Bank has leased 1.29 lakh sq ft commercial space in Turbhe near Mumbai for an annual rent of almost ₹9 crore. The space is leased from listed real estate firm Arihant Superstructures, according to property registration documents accessed by Propstack.com.
Four separate lease agreements have been signed for the commercial space spread across four floors between levels 13 and 16 in a building named Arihant Aura in Turbhe near Mumbai.
The building is constructed by Arihant Superstructures, a listed real estate developer based in Navi Mumbai near Mumbai.
The monthly rent for 1,29,136 sq ft is ₹58 per sq ft or ₹74.89 lakh. This works out to almost ₹9 crore annually.
Also Read: ICICI Prudential AMC purchases commercial office space in Mumbai’s Santacruz for ₹315 crore.
The documents showed that the lease tenure for the transaction on December 12, 2024, is nine years, with 14% rental escalation every three years.
Turbhe is a prominent locality in Navi Mumbai, a satellite city near Mumbai. Turbhe enjoys proximity to Mumbai’s eastern suburbs via Vashi and has also become a prominent locality over the years owing to infrastructure developments such as the upcoming Navi Mumbai International Airport and Atal Setu, which will connect Mumbai with Navi Mumbai.
Queries have been sent to ICICI Bank and Arihant Superstructures. If a response is received, the copy will be updated.
Also Read: HDFC Bank leases 4 lakh sq ft in Mindspace Business Parks building in Navi Mumbai for 10 years, to pay ₹320 crore rent.
Commercial leasing market in India
India’s office sector achieved a gross leasing volume (GLV) of 89 million sq ft in 2024 across the top 8 cities. Net absorption reached an all-time high of 50 million sq ft, a report by Cushman & Wakefield, a real estate consultancy, said.
According to the report, Bengaluru, Mumbai, and Hyderabad recorded the highest-ever leasing volumes in 2024. Bengaluru led the charge, accounting for 29% of India’s GLV at 25.93 million sq ft, followed by Mumbai at 20% with 17.84 million sq ft and Delhi-NCR at 15% with 13.14 million sq ft.
Also Read: India’s office space gross leasing volume touches 89 million sq ft in 2024, Bengaluru and Mumbai top the list.
The report said that the IT-BPM sector was the largest contributor to demand, with a nearly 30% share in Q4 2024. It was followed by the engineering, manufacturing, and BFSI sectors, with 23% and 16% shares, respectively. The flex sector also contributed to demand by accounting for an almost 14% share in GLV.
