ICICI securities secures 188,000 sq ft office space in Navi Mumbai

25 Dec 2023 CW Team

Under the terms of the agreement, ICICI Securities will be paying monthly rentals of Rs 92.15 lakh for the office space, with a provision for a 4% annual escalation, resulting in a total payout of approximately Rs 1.66 billion over the lease's entire duration. The transaction, which includes an upfront deposit equivalent to 12 months' rent (over Rs 110 million), grants ICICI Securities exclusive access to 190 car parking slots in the commercial tower.

The deal, officially registered on December 15, will see the lease come into effect from January 1, 2024. Notably, ICICI Securities has a lock-in period of the initial five years, during which the licensor, Newfound Properties & Leasing, is prohibited from terminating the lease.

Despite global economic challenges, the Indian office sector has experienced sustained growth in 2023, showcasing the robust demand and resilience against global headwinds. Recent data from a JLL India study indicates that net office space absorption in the country is expected to reach 37-39 million sq ft, comparable to 2022. With leasing activities anticipated to intensify in the final quarter of 2023, the year is predicted to surpass the average of 2017-2019.

Email queries to ICICI Securities and K Raheja Corp by ET remained unanswered. Over the past decade, there has been a notable shift in the office space demand, with the banking, financial services, and insurance (BFSI) sector surpassing the technology sector. Domestic companies in India, particularly in the media, consulting, and BFSI sectors, are driving increased demand for office space, signalling a trend observed by developers and operators of office complexes.

ICICI Securities, the financial arm of ICICI Bank, has secured a long-term lease for more than 188,000 sq ft of office space at Mindspace Juinagar, an information technology park in Navi Mumbai. The lease, spanning over 12 years, involves five floors in one of the towers within the IT park and was arranged with Newfound Properties & Leasing, a subsidiary of real estate developer K Raheja Corp. Under the terms of the agreement, ICICI Securities will be paying monthly rentals of Rs 92.15 lakh for the office space, with a provision for a 4% annual escalation, resulting in a total payout of approximately Rs 1.66 billion over the lease's entire duration. The transaction, which includes an upfront deposit equivalent to 12 months' rent (over Rs 110 million), grants ICICI Securities exclusive access to 190 car parking slots in the commercial tower. The deal, officially registered on December 15, will see the lease come into effect from January 1, 2024. Notably, ICICI Securities has a lock-in period of the initial five years, during which the licensor, Newfound Properties & Leasing, is prohibited from terminating the lease. Despite global economic challenges, the Indian office sector has experienced sustained growth in 2023, showcasing the robust demand and resilience against global headwinds. Recent data from a JLL India study indicates that net office space absorption in the country is expected to reach 37-39 million sq ft, comparable to 2022. With leasing activities anticipated to intensify in the final quarter of 2023, the year is predicted to surpass the average of 2017-2019. Email queries to ICICI Securities and K Raheja Corp by ET remained unanswered. Over the past decade, there has been a notable shift in the office space demand, with the banking, financial services, and insurance (BFSI) sector surpassing the technology sector. Domestic companies in India, particularly in the media, consulting, and BFSI sectors, are driving increased demand for office space, signalling a trend observed by developers and operators of office complexes.

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Infrastructure Urban

02 Jun 2026

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Infrastructure Transport

02 Jun 2026

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..