IDFC First Bank has secured a significant commercial lease in Mumbai’s rapidly growing commercial hub of Oberoi Garden City, Goregaon East. According to the documents accessed by FloorTap.com, the bank has committed to a five-year lease spanning four floors and totaling 1.64 lakh square feet within Commerze III, a 51-storey commercial development. This lease commencing on January 15, 2025, is part of a strategy to increase the bank’s operations in one of Mumbai’s prime business locations.
Details of the Lease Agreement
The lease deal, which was registered on July 30, 2024, highlights several key financial aspects and terms. IDFC First Bank will pay a starting monthly rent of Rs.3.85 crore, translating to Rs.233 per square foot. Additionally, the agreement includes parking provisions for 165 cars. There will be a 15% escalation in rent, set to occur 36 months after the commencement date. This ensures that the terms remain competitive and aligned with market trends.
Financial Commitments and Terms
According to the documents accessed, common area maintenance expenses will be ₹41.23 lakh per month. There are up to 52 elevators in the Grade A office skyscraper, and the basement has three levels of parking. The fit-out period, which started on July 15, 2024, will end on December 31, 2024, and the lock-in duration is 36 months. The deal included a stamp duty of Rs.71.64 lakh and a security deposit of Rs.34 crore, the documents showed.
Strategic Location
Commerze III, located within the International Business Park of Oberoi Garden City, is a strategic location for IDFC First Bank. The development is already home to global investment bank Morgan Stanley, which occupies 1.6 million square feet on the lower floors. This high-profile neighborhood enhances the stature of IDFC First Bank’s new office space and positions it within a vibrant and prestigious business community.
IDFC First Bank has taken a significant step towards its expansion goal with the five-year lease of a large office space in Commerze III, Oberoi Garden City. This move is in line with the bank’s vision to strengthen and expand its presence in Mumbai’s competitive financial scene.
Recent Transactions
Office space transactions in Mumbai are witnessing robust activity. High-profile deals reflect the city’s strong commercial real estate demand. In a recent deal, Nielsen Media leased 1.52 lakh sq ft Mumbai office space. In a separate deal, Tata Digital Private Limited (TDPL) has extended the lease term for its Mumbai headquarters in Fort House for Rs. 3 crore per month.
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