Hiranandani in Thane rents 18 floors office space to IDFC First Bank

29 Sep 2022 CW Team

IDFC First Bank has signed a long-term lease with property developer Hiranandani Group for a 10-year period that includes a renewal option for a total of 18 floors of office space totaling about 4.5 lakh sq ft in the commercial project Quantum in Hiranandani Estate in Thane.

One of the largest office leasing agreements signed this year was this one. Over the first five years of the lease, the private-sector bank will pay Rs 2.02 billion in rental for the office space, including upkeep.

In addition to consolidating, IDFC First Bank intends to use the newly leased space for business expansion and processing.

The 25-storey tower was recently finished and is now ready for interior decoration. The bank has a lease arrangement in place with Roma Builders, one of the divisions of the Hiranandani Group, whose directors include Niranjan and his brother Surendra Hiranandani.

The brothers continue to jointly hold a large number of real estate projects and properties even though they each manage their own real estate firms and development projects.

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