HDFC Bank Leases 2.72 Lakh Sq Ft in Andheri for Over ₹77 Crore in Annual Rent
HDFC Bank has signed lease agreement in Mumbai’s Andheri area, for 2.72 lakh square feet of commercial space for an annual rent exceeding ₹77 cr, as per property registration documents accessed by CRE Matrix. The lease was finalized in the R Square building, located in the JB Nagar area of Andheri East, a project developed by a subsidiary of Runwal Realty, Histyle Retail Pvt Ltd.
The lease covers a substantial portion of the building, spanning the ground to the sixth floors, with three separate agreements in place for different units across these levels. According to the documents, the bank will pay ₹6.45 crore per month, amounting to an annual rent of over ₹77 crore. The lease also includes a provision for a 15% escalation in rent after every 36 months. The agreement was officially registered on January 27, 2025, with the licensee commencement date set for January 21, 2025.
The space leased by HDFC Bank will also provide 207 parking spaces. Additionally, a security deposit of ₹116 crore has been paid as part of the lease transaction.
The choice of Andheri for this lease comes amid the area’s growing importance as a commercial hub in Mumbai. Andheri East, in particular, has been witnessing a surge in office leasing activities due to its connectivity, proximity to the Mumbai Metro, the upcoming airport, highways, and an expanding residential market. The area has become an attractive destination for businesses looking for well-connected office spaces.
Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, noted that Andheri has become a key office market in Mumbai, driven by continuous development across various sectors including housing, hospitality, and infrastructure. The availability of well-located office spaces with strong connectivity makes Andheri an increasingly popular choice for businesses.
This lease agreement is one of several significant leasing activities by HDFC Bank. In November 2024, the bank signed another major lease for 4.16 lakh square feet at the Mindspace Business Parks in Navi Mumbai. This deal was registered for 10 years and had a total contractual value of ₹320 crore.
Similarly, earlier this month, ICICI Bank also made news by leasing 1.29 lakh square feet of office space in Turbhe, a locality near Mumbai, for an annual rent of ₹9 crore. This lease was finalized with four separate agreements, covering four floors of a building named Arihant Aura in Turbhe.
The commercial real estate market in Mumbai is seeing a shift toward well-developed areas with improved connectivity, as demonstrated by these recent leasing activities. As more companies look to establish or expand their operations in the region, areas like Andheri and Navi Mumbai will continue to be attractive destinations for corporate leases.
Image source- anilsalianarchitects.com
