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

09 Feb 2024 CW Team

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.

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..