{"id":1289434,"date":"2025-01-15T09:09:25","date_gmt":"2025-01-15T03:39:25","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1289434"},"modified":"2025-01-15T14:14:50","modified_gmt":"2025-01-15T08:44:50","slug":"icici-bank-leases-rs-1-3-lakh-sq-feet-office-space-in-navi-mumbai","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/icici-bank-leases-rs-1-3-lakh-sq-feet-office-space-in-navi-mumbai\/","title":{"rendered":"ICICI Bank Leases Rs 1.3 Lakh Sq Feet Office Space At Rs 9 Crore Annual Rent In Navi Mumbai"},"content":{"rendered":"\n

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 \u20b99 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 \u20b974.89 lakh, translating to an annual cost of \u20b99 crore.<\/p>\n\n\n\n

\"ICICI<\/figure>\n\n\n\n

India’s Commercial Leasing Market: Key Developments and Leasing Trends in 2024<\/strong><\/p>\n\n\n\n

The lease agreement, which is set for nine years and dated December 12, 2024, includes a 14% rental escalation<\/a> 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.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 \u20b99 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 […]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[610],"class_list":["post-1289434","post","type-post","status-publish","format-standard","hentry","category-business","tag-icici-bank"],"acf":[],"yoast_head":"\nICICI Bank Leases Rs 1.3 Lakh Sq Feet Office Space At Rs 9 Crore Annual Rent In Navi Mumbai - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/icici-bank-leases-rs-1-3-lakh-sq-feet-office-space-in-navi-mumbai\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICICI Bank Leases Rs 1.3 Lakh Sq Feet Office Space At Rs 9 Crore Annual Rent In Navi Mumbai - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"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 \u20b99 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. 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