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

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

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.

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.

Next Story
Technology

Sasken Partners VicOne To Boost Automotive Cybersecurity

Sasken Technologies Limited, a leader in product engineering and digital transformation, has announced a strategic partnership with VicOne, a Trend Micro subsidiary specialising in automotive cybersecurity. The collaboration aims to enhance in-vehicle and fleet-wide cybersecurity for global original equipment manufacturers (OEMs) and Tier-1 suppliers.VicOne brings its suite of solutions, including xCarbon (intrusion detection and prevention), vSOC (fleet monitoring and response), and EVSE Security (protection for electric vehicle charging infrastructure). Purpose-built for vehicles and EV char..

Next Story
Infrastructure Energy

Hind Rectifiers Buys French Firm To Boost Robotics And EMS

Hind Rectifiers Limited, a leading manufacturer of power semiconductors, power electronic equipment and railway transportation systems, has announced a strategic acquisition in Europe to strengthen its presence in the global robotics and electronics manufacturing services (EMS) markets.The company has acquired BeLink Solutions, a France-based robotics, EMS and electronics R&D company with 38 years of industry experience. The acquisition provides Hind Rectifiers with a European manufacturing hub, enhancing its global reach.Transaction DetailsThrough a proposed subsidiary, Hind Rectifiers ha..

Next Story
Infrastructure Urban

LTTS Joins MIT Media Lab To Drive AI And Sustainable Tech

L&T Technology Services, a global provider of AI, digital and engineering consulting services, has announced a multi-year membership agreement with the MIT Media Lab, one of the world’s leading research institutions.As a consortium Lab Member, LTTS will collaborate on next-generation artificial intelligence (AI) developments, highlighting its commitment to advancing transformational innovation in mobility, sustainability and technology.Under the agreement, LTTS will participate in active exchanges of knowledge with the Media Lab’s cross-disciplinary ecosystem of researchers, innovators..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?