Axis Bank secures 81,000+ sq ft office in Mumbai's Vile Parle
Real Estate

Axis Bank secures 81,000+ sq ft office in Mumbai's Vile Parle

The Parle Product Factory Compound in Mumbai's western suburb Vile Parle has been chosen by the bank for its office space, covering an area exceeding 81,300 sq ft. The lease agreement spans five years, with an initial monthly rent of Rs 85.37 lakh.

The documentation accessed through FloorTap.com indicates that the agreement, covering the ground plus three floors, incorporates a provision for a 12% increase in rentals after the initial three years from the commencement date of the lease. According to the accessed documents, the license commencement date is February 1, 2024, while the rent commencement date is September 16, 2024.

Under the terms of the agreement, Axis Bank will enjoy exclusive access to a total of 81 four-wheeler parking spaces and 300 two-wheeler parking slots. To secure the deal, the bank has made a security deposit exceeding Rs 50.12 million, and the registration of the agreement took place on January 31.

Recent data from property consultant JLL India reveals that net office space absorption in the top seven cities of India surpassed 40 million sq ft, reaching 41.97 million sq ft in 2023. This achievement not only signifies a significant post-COVID milestone but also ranks as the second-highest annual absorption, trailing only behind the levels recorded in 2019.

The Parle Product Factory Compound in Mumbai's western suburb Vile Parle has been chosen by the bank for its office space, covering an area exceeding 81,300 sq ft. The lease agreement spans five years, with an initial monthly rent of Rs 85.37 lakh. The documentation accessed through FloorTap.com indicates that the agreement, covering the ground plus three floors, incorporates a provision for a 12% increase in rentals after the initial three years from the commencement date of the lease. According to the accessed documents, the license commencement date is February 1, 2024, while the rent commencement date is September 16, 2024. Under the terms of the agreement, Axis Bank will enjoy exclusive access to a total of 81 four-wheeler parking spaces and 300 two-wheeler parking slots. To secure the deal, the bank has made a security deposit exceeding Rs 50.12 million, and the registration of the agreement took place on January 31. Recent data from property consultant JLL India reveals that net office space absorption in the top seven cities of India surpassed 40 million sq ft, reaching 41.97 million sq ft in 2023. This achievement not only signifies a significant post-COVID milestone but also ranks as the second-highest annual absorption, trailing only behind the levels recorded in 2019.

Next Story
Products

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Next Story
Infrastructure Energy

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

Next Story
Infrastructure Energy

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation  and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India.   The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?