BA Continuum India, the technology and operations arm of Bank of America, has signed a long-term lease for more than 1.11 lakh sq ft of Grade A office space in Powai, Mumbai. According to property registration documents accessed by CRE Matrix, the leased office space is at Cignus, Powai, a commercial development owned by Chalet Hotels Limited. The transaction involves Units 2201 and 2301 on the 22nd and 23rd floors of the building located at Plot No. 71A, Passpoli, Powai.
Lease Details
The lease covers a total leasable area of 1,11,023 sq ft, with a starting monthly rent of ₹1,43,21,967. This translates to an effective rate of ₹129 per sq ft per month. Additionally, the tenant will pay common area maintenance (CAM) charges of ₹20 per sq ft per month.
The agreement also includes 112 car parking spaces, reflecting the scale of the office requirement. A security deposit of ₹8.59 crore has been paid as part of the transaction. The lease tenure spans 10 years and 9 months, with a three-year lock-in period applicable to both parties. The lease agreement was registered on December 24, 2025, with both lease and rent commencement scheduled from January 1, 2026.
Why Powai Continues to Attract Large Occupiers
Powai has steadily evolved into one of Mumbai’s most preferred office micro-markets. This is mainly because of its strong connectivity to both the Eastern and Western suburbs and proximity to well-established residential catchments. Also, the area has attracted a steady mix of IT, BFSI, and Global Capability Centre (GCC) occupiers. Large-format office transactions in the micro-market highlight occupiers’ increasing preference for amenity-rich, campus-style office buildings that can support long-term operational and expansion needs.
Recent Transactions
Mumbai’s office market continues to see steady leasing activity, with large occupiers signing long-term deals across key business districts. Recent transactions highlight sustained demand for Grade A assets.
In a recent transaction, JP Morgan Services India Private Limited leased over 2.71 lakh sq ft of office space in Powai for approximately ₹612 crore. In another transaction, Kwality Wall’s (India) leased a fully fitted, dedicated workspace in Oberoi Commerz II, part of Oberoi Garden City in Goregaon East, Mumbai, for a starting monthly rent of ₹89.5 lakh.
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