HDFC Bank has leased 416,000 sq ft of office space in the Gigaplex complex, located in the Mindspace property of K Raheja Corp in Airoli, Navi Mumbai, for a period of 10 years.
The banking major will pay an annual rent of Rs 24 crore, equivalent to a monthly rent of Rs 2 crore (Rs 49 per sq ft), according to documents accessed via Propstack. The agreement comprises two leases—one for 197,877 sq ft and the other for 218,217 sq ft—and includes provisions for 322 car parking spaces. The lease terms feature a rental escalation clause of 15% every three years.
The documents reveal that HDFC Bank paid a security deposit of Rs 12.23 crore. The lease agreement was registered on November 13, and the lease will commence on January 1.
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Sources said that the office space is likely to be used for IT/ITES operations. HDFC Bank and K Raheja Corp could not be contacted for comments.
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