Private sector lender Axis Bank has rented 81,309 square feet of work space from Parle Product Pvt Ltd on the ground floor of Parle Product Factory compound in Vile Parle East area of Mumbai, documents accessed by FloorTap.com showed.
According to the documents the bank has rented the ground floor plus three floors of the building at a monthly rental of Rs 85.37 lakh for which it paid a security deposit of Rs 5.12 crore.
The commercial space comes with 81 parking lots for four wheelers and 300 parking lots for two wheelers. The agreement is for five years and the commencement date of agreement is February 01, 2024 and there is a clause of 12 percent rent escalation after three years from lease commencement date.
An email query sent to both Axis Bank and Parle Product Pvt Ltd did not get any response.
In a similar deal recently Barclays Bank PLC and Barclays Investments & Loans (India) Private Limited had rented office space measuring 64,995 sq ft in the Worli area of Mumbai for a monthly rent of Rs 2.07 crore. The two transactions were registered on January 24 and 25.
Also read: Mumbai real estate: Barclays rents 64,995 sqft space in Worli, at Rs 2.07 cr monthly rent
The office space is situated at Raheja Altmius, where the per sqft rent for the deal is Rs 320. The commercial units are located on the higher floors of the building, and the security deposit is Rs 12.47 crore. The lessor is Whispering Heights Real Estate Pvt Ltd, a subsidiary of MindSpace Business Parks.
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