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.