HDFC Bank has leased over 64,000 sq ft of office space at One International Centre in Mumbai’s Lower Parel, underscoring the continued demand for premium Grade-A commercial assets among leading financial institutions.
According to documents accessed by CRE Matrix, the bank has taken on lease approximately 64,337 sq ft across Towers 2 and 3 of the commercial development. The lease agreement has been executed for a tenure of five years.
Key Details of the HDFC Bank Office Lease
The agreement begins with a monthly rent of ₹1.62 crore, translating to a rental rate of around ₹252 per sq ft per month. The transaction also includes 75 car parking spaces and a security deposit of ₹9.73 crore.
Registered on August 3, 2023, the lease deed provides for an annual rent escalation of 4.5%, resulting in a steady increase in rentals over the lease period.
Lower Parel Continues to Attract Large Occupiers
One International Centre is among Mumbai’s prominent Grade-A office developments and has attracted several large occupiers over the years. Located in Lower Parel, the project benefits from strong connectivity and proximity to key business districts across the city.
The transaction highlights the sustained demand for high-quality office space in established commercial hubs, particularly from banking and financial services companies seeking modern workspaces.
Mumbai Office Market Remains Resilient
The lease comes in the backdrop of HDFC Bank’s merger with HDFC Ltd., which has expanded the scale of the combined entity’s operations. As companies continue to prioritize premium office environments, large leasing transactions such as this reinforce the resilience of Mumbai’s commercial real estate market.
With a five-year commitment at one of the city’s leading office developments, HDFC Bank’s latest lease further strengthens Lower Parel’s position as a preferred destination for corporate occupiers.
As Mumbai’s office market continues to evolve, access to accurate transaction data and market intelligence has become increasingly critical for industry stakeholders seeking to identify opportunities and make informed decisions.
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