+
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.

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code