Rs 320 Crore Rent? HDFC Bank Leases 4 Lakh Sq Ft Space - Interesting Details

HDFC Bank has leased Rs Four lakh sq ft office space in Mindspace Business Park, which is a part of the Mindspace REIT portfolio, in Airoli West, Navi Mumbai. The lease amount is decided at a total value of Rs 320 crore for a duration of 10 years.

HDFC Office Space: Deal Specifics

• The bank entered into a lease agreement with Mindspace Business Park in two deals.
• As per Propstack, the bank has leased 1.97 lakh sq ft of space in Gigaplex Building 5, also known as Mindspace Business Park, Airoli West.
• The area rented is 2.18 lakh sq ft of space including the lobby, first to the fourth floor, and includes 168 car parks.
• The chargeable area is 4.16 lakh sq ft. The documents showed that the deal includes a 15 per cent rental escalation provision.
• As per documents, the space will be used for a banking office operations and to carry out its informational technology and technology-enabled services.

HDFC Office Space: What Did Propstack Say?

Propstack took to X writing about the deal, "HDFC Bank has leased an 8 storey building with an area of 4 lac sft in Mindspace Business Park in Navi Mumbai for 10 years with a total cumulative rental of Rs 320 cr- making it one of the largest office deals this year!

The deal as per documents accessed by Propstack is registered across 2 transactions. As per the first lease deed registered in Nov 2024, the bank has leased 1.97 lac sft of space in Gigaplex Building 5, also known as the Mindspace Business Park, Airoli West. The area includes the lobby, fifth, sixth, seventh, and eighth floors and has 154 car parks.

According to the second lease deed, the company has rented 2.18 lac sft of space in the lobby, first, second, third, and fourth floors, including 168 car parks.

The starting rent is Rs 49/sft/month (Rs 2.03 cr/month) with a security deposit of 6 months. There is a 15% rental escalation provision every 3 years."

HDFC Office Space: Other Details About The Deal

This is part of the demarcation of the processing area of the SEZ space within the Business Park.

Mindspace has converted the eight-floor building into a non-processing area as per the government’s decision to allow for partial, floor-wise denotification of SEZs through the amendment to SEZ rules, as per the Propstack report.

The share price of HDFC Bank is Rs 1,860.20 a piece, down by Rs 2.90 or-0.16  per cent.