Yes Bank Ltd has leased 44,000 sq ft of space in Goregaon East, Mumbai, from Romell Real Estate Pvt Ltd at a rent of around Rs 53 lakh per month for a period of five years, documents accessed by CRE Matrix showed.
The bank has leased the 11th South and 12th North Wing located on the 11th and 12th floors of the R-Tech Park, Goregaon East from Romell Real Estate Pvt Ltd, the leave and license agreement showed.
The total chargeable area is 44,000 sq.ft and the carpet area is 28,600 sq.ft, it showed. The starting monthly rent is Rs 53,19,820 and the security deposit paid is Rs 3,06,95,280.
The leave and license agreement was registered on August 24, 2022.
The tenure of the lease is 60 months from September 22, 2022 to September 21, 2027, the documents showed. The lock-in period is 18 months.
There is also a rent escalation clause. The rent from September 22, 2025 to September 21, 2027 will be around Rs 60 lakh.
There was no response from Romell Group. The copy will be updated once a response from Yes Bank is received.
“Goregaon East seems to be fast developing as a financial mini-hub after BKC, with likes of JPMorgan, Deutsche Bank, KPMG, PWC, Morgan Stanley, EY & now Yes Bank setting up their offices here. Thanks to the connectivity to the airport, highway, metro, railway lines and business hotels, it has become a preferred location of corporates. This deal assumes significance as Yes Bank recently moved their head office from Lower Parel to Santacruz and now seems to be looking further north,” said Abhishek Kiran Gupta, CEO, CRE Matrix.
“We foresee a significant rise in large commercial office deals being signed up, thanks to steady economic recovery, gradual return to work-from-office policy, strong job market,” he added.
In 2020, Max group's realty arm Max Estates on Thursday said it has leased 62,500 sq ft of office space to Yes Bank in its commercial project in Noida, Uttar Pradesh. Max Estates is a subsidiary of Max Ventures & Industries Ltd (MaxVIL).
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