IDFC First Bank has leased 1.64 lakh square feet of office space in Mumbai for a starting monthly rent of Rs 3.85 crore, according to document accessed by FloorTap.com, a commercial real estate analytics platform.
The office units are located in Commerze III, International Business Park, Oberoi Garden City in Goregaon East off Western Express Highway in Mumbai. The lease period of the office space is of five years, documents showed.
According to the documents, the deal includes leasing of four entire floors (22, 23, 24 and 25) in Commerze III building. The total area leased in the deal is 1.64 lakh square feet and the bank has paid a security deposit of Rs 34 crore for the transaction.
The deal was registered on July 30, 2024 and a stamp duty of Rs 74.65 lakh was paid for the transaction, documents showed.
The commercial real estate deal comes with 165 car parking slots and the per square feet monthly rental of the deal was settled at Rs 233, documents showed.
The documents showed that there will be rent escalation of 15 percent at the end of every 36 months. There was no immediate response from the licensor and the licensee on the above deal.
Documents showed that the license commencement date is January 15, 2025. The fit-out period for the deal is July 15 to December 31, 2024. The common area maintenance charges (CAM) are Rs 41.23 lakh per month.
Big ticket deals
In July 2024, Nielsen Media India Private Limited and its subsidiary Whats On India Media, had together leased 1.52 lakh square feet of office space at Commerze III building, in Mumbai for a starting monthly rent of Rs 3.87 crore in two separate deals.
Also Read: Bollywood actor Amitabh Bachchan buys 3 office units in Mumbai for Rs 60 crore
In June 2024, Bollywood actor Amitabh Bachchan had purchased three office units in Veer Savarkar Signature building in Mumbai for around Rs 60 crore.
Tata Digital Private Limited (TDPL), a subsidiary of Tata Sons Private Limited, had renewed the lease of its headquarters in Fort in Mumbai for a monthly rental of Rs 2.98 crore in May 2024.
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