HDFC Bank leases 2.72 lakh sq ft commercial space in Mumbai’s Andheri for an annual rent of over ₹77 crore

According to the documents, 2.72 lakh sq ft (carpet area) has been leased for 10 years in a building named R Square, constructed by a Runwal Realty subsidiary, Histyle Retail Pvt Ltd.

According to the documents, the commercial space has been leased through three separate agreements, under which selected units have been leased on the ground, first, second, third, fourth, fifth and sixth floors.

The monthly rent is ₹6.45 crore, and the annual rent is over ₹77 crore with a provision of 15% escalation at the end of 36 months, according to the documents.

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The agreement was registered on January 27, 2025 and the licensee commencement date is January 21, 2025, according to documents.

“Andheri is a growing office market of Mumbai in terms of annual leasing activity, new housing developments, metro, airport and highway connectivity, hospitality and everything in between,” said Abhishek Kiran Gupta, CEO and co-founder CRE Matrix and IndexTap.com.

According to the documents, the commercial space has 207 parking spaces. A security deposit of ₹116 crore has been paid for the transaction.

An email has been sent to HDFC Bank and Histyle Retail Pvt. If a response is received, the copy will be updated.

Bank leases in Mumbai’s commercial real estate market

In November 2024, HDFC Bank leased an 8-storey building with an area of 4.16 lakh sq ft from Mindspace Business Parks in Navi Mumbai, near Mumbai. The lease was registered for 10 years and had a contractual value of ₹320 crore.

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

Earlier this month, ICICI Bank was in the news for leasing 1.29 lakh sq ft of commercial space in Turbhe near Mumbai for an annual rent of almost ₹9 crore.

Also Read: ICICI Bank leases 1.3 lakh sq ft office space in Turbhe near Mumbai for an annual rent of ₹9 crore

According to property documents, four separate lease agreements were signed for the commercial space, spread across four floors between levels 13 and 16 in a building named Arihant Aura in Turbhe near Mumbai.