HDFC Bank Leases 4+ lakh sq ft Office Space in Navi Mumbai

11 Dec 2024 CW Team

HDFC Bank has secured a long-term lease for an entire 8-storey building with office space spanning 4 lakh sq ft in the Mindspace Airoli West commercial complex in Navi Mumbai. The lease, which spans 10 years, was confirmed by individuals familiar with the development.

Under the terms of two separate agreements signed with the landlord, Mindspace Business Parks REIT, the bank will pay over Rs 3.20 billion in rentals, with a 15 per cent escalation every three years. This marks one of the largest office lease deals concluded this year.

The newly leased office, comprising a basement, ground floor, and eight upper floors, is expected to play a pivotal role in HDFC Bank's operations, supporting its expansion and efficiency goals. Previously, the bank operated from a few floors in another building within the same complex.

According to one agreement registered on November 13, the lease will commence on January 1, with HDFC Bank paying a security deposit of Rs 50.81 million, equivalent to six months' rent. This information was derived from documents obtained via realty data analytics firm Propstack.

Mindspace Business Parks REIT, backed by K Raheja Corp, has received government approval to convert the building into a non-processing area. This follows an amendment to the SEZ Rules, 2006, allowing partial and floor-wise denotification of special economic zones.

Other key occupants in Mindspace Airoli West include Dow, Accenture, IDFC, Princeton Digital, and Technimont.

In a related development, HDFC Bank has initiated the sale of non-core real estate assets in key urban locations as part of its post-merger integration with HDFC. This strategic move aims to streamline the bank's property portfolio and generate additional liquidity to bolster its strong financial position.

Real Estate

01 Dec 2025

Serene, Gardencity to Develop Rs 3 Billion Senior Living Project in Bengaluru

Serene Communities, a leading senior living brand, has partnered with Gardencity Realty to develop a premium senior living community in Budigere, one of Bengaluru’s fastest-growing residential micro-markets. The project will span approximately 300,000 sq ft, with a Gross Development Value of about Rs 3 billion, and will add roughly 250 senior-friendly residences to the city’s growing retirement housing segment.The launch forms part of Serene Communities’ national expansion strategy. The company has 11 new projects under development with a planned investment of Rs 25 billion that will add..

Alliance City Developers Marks Major 2025 Milestones in Vile Parle

Alliance City Developers Realtors has announced significant project milestones and expansions in 2025, underscoring what the company terms a transformational year. The developer completed multiple residential projects and launched two premium developments in Vile Parle (East), one of Mumbai’s most sought-after neighbourhoods.During the year, Alliance Legacy in Matunga (East) received its Occupancy Certificate (OC), while Alliance Eternis in Borivali (West) and Alliance Vista in Vile Parle (East) were granted Completion Certificates (CC), marking final project delivery. Alliance Abhimanyu is ..

Moro Hub and PwC Middle East Partner to Accelerate Smart City Solutions

Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (DEWA), has announced a strategic collaboration with PwC Middle East to advance Smart City, Integrated Command Centre (ICC), Critical Infrastructure Monitoring and Internet of Things (IoT) initiatives across the region. The partnership brings together Moro Hub’s digital infrastructure and IoT capabilities with PwC’s global expertise in digital trust, smart city strategy and cybersecurity to support the UAE’s vision for intelligent and sustainable cities.“Our collaboration with PwC Middle Ea..