IDFC First Bank leases four floors spanning 1.64 lakh sq ft in Mumbai

IDFC First Bank has leased four floors spanning 1.64 lakh square feet in Oberoi Garden City of Mumbai’s Goregaon East suburb, property registration documents accessed through real estate portal FloorTap.com showed.

The deal, which also includes parking space for 165 cars in Commerze III of the business hub, involves a starting monthly rent of ₹3.85 crore or ₹233 per square feet, the documents showed. Terms of the deal include a 15% escalation in rent following 36 months of the license commencement date. The 5-years lease period begins on January 15, 2025.

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Commerze III is a 51-storey commercial development, located within the International Business Park of Oberoi Garden City. It is also home to global investment bank Morgan Stanley, which has leased 1.6 million square feet on lower floors within the building.

The property deal was registered on July 30 and named Oberoi Realty Limited as the lessor. It included a stamp duty of ₹71.64 lakh and a security deposit of ₹34 crore, the documents showed.

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Terms of the deal

Common area maintenance charges will amount to ₹41.23 lakh per month, as per the documents. The Grade A commercial tower includes as many as 52 elevators and three floors of parking in the basement.

The lock-in period stands at 36 months and the fit-out period which commenced on July 15, 2024 will last till December 31, 2024, as per details cited in the registration documents.

Also Read: WeWork India renews lease for 1.4 lakh sq ft office space in Mumbai at ₹2.25 crore rent per month

This comes after co-working firm WeWork India last month renewed its lease for 1.4 lakh square feet of office space in neighbouring Nesco IT Park for a monthly rental fee of ₹2.25 crore. The deal included a stamp duty of ₹37.93 lakh.

Queries sent to Oberoi Realty and IDFC First Bank by HT.com did not elicit a response. The story will be updated once a response is received.