+
Axis Bank Secures Large Office Space in Mumbai
Real Estate

Axis Bank Secures Large Office Space in Mumbai

Axis Bank has recently leased a substantial office space of over 81,300 square feet in the Parle Product Factory Compound, located in Mumbai's Vile Parle area. This lease agreement, spanning five years, commences with a monthly rent of Rs 85.37 lakh, which is approximately 1.14 crore rupees annually. Notably, the contract includes a 12% rental escalation clause after the initial three years. The lease and rent commencement dates are set for early and mid-2024, respectively. As part of this deal, Axis Bank gains exclusive access to 81 four-wheeler parking spaces and 300 two-wheeler parking slots. The bank has also paid a security deposit exceeding Rs 5.12 crore. Despite attempts to contact them, both Axis Bank and Parle Products have not responded to inquiries. This leasing move by Axis Bank is significant in the context of India's office space market. Recent data from JLL India indicates that net office space absorption in the country's top seven cities has surpassed 40 million square feet, reaching 41.97 million square feet in 2023. This marks a notable post-COVID milestone and is the second-highest annual absorption rate, just behind the record set in 2019.

Axis Bank has recently leased a substantial office space of over 81,300 square feet in the Parle Product Factory Compound, located in Mumbai's Vile Parle area. This lease agreement, spanning five years, commences with a monthly rent of Rs 85.37 lakh, which is approximately 1.14 crore rupees annually. Notably, the contract includes a 12% rental escalation clause after the initial three years. The lease and rent commencement dates are set for early and mid-2024, respectively. As part of this deal, Axis Bank gains exclusive access to 81 four-wheeler parking spaces and 300 two-wheeler parking slots. The bank has also paid a security deposit exceeding Rs 5.12 crore. Despite attempts to contact them, both Axis Bank and Parle Products have not responded to inquiries. This leasing move by Axis Bank is significant in the context of India's office space market. Recent data from JLL India indicates that net office space absorption in the country's top seven cities has surpassed 40 million square feet, reaching 41.97 million square feet in 2023. This marks a notable post-COVID milestone and is the second-highest annual absorption rate, just behind the record set in 2019.

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?