ICICI Bank has signed a lease agreement for 1.29 lakh sq ft of commercial space in Turbhe, Navi Mumbai, at an annual rent of nearly ₹9 crore. The leased space spans four floors (levels 13 to 16) of the Arihant Aura building, with the deal finalized with Arihant Superstructures, a listed real estate developer. According to property registration documents available through Propstack.com, the monthly rent for the 1,29,136 sq ft area is ₹74.89 lakh, translating to an annual cost of ₹9 crore.
India’s Commercial Leasing Market: Key Developments and Leasing Trends in 2024
The lease agreement, which is set for nine years and dated December 12, 2024, includes a 14% rental escalation every three years. Turbhe, a well-connected area near Mumbai, has seen increased prominence due to major developments like the upcoming Navi Mumbai International Airport and Atal Setu, a bridge that will link Mumbai to Navi Mumbai. These developments are further boosting Turbhe’s potential as a thriving commercial hub.
In 2024, India’s commercial leasing market recorded a gross leasing volume (GLV) of 89 million sq ft across the top 8 cities, marking a new high. The office sector saw net absorption reach a peak of 50 million sq ft, as per a report by Cushman & Wakefield. Bengaluru led the way in leasing volumes, accounting for 29% of the total, followed by Mumbai with 20% and Delhi-NCR at 15%. The IT-BPM sector emerged as the largest driver of leasing demand in Q4 2024, contributing nearly 30% to the GLV, while the engineering, manufacturing, and BFSI sectors also played significant roles. Additionally, the flexible workspace sector demonstrated strong demand, contributing almost 14% to the GLV.
