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JP Morgan Leases 13 Lakh Sq Ft in Powai in Landmark Office Deal

JP Morgan Leases 13 Lakh Sq Ft in Powai in Landmark Office Deal

JP Morgan Services India Private Limited has leased over 13 lakh sq ft of built-to-suit commercial office space in Powai, Mumbai. This is one of the largest office leasing transactions recorded in India. The deal involves a total rental commitment of approximately ₹5,200 crore over a 20-year tenure, according to property registration documents accessed by CRE Matrix. The space will house the American investment bank’s global capability centre (GCC).

Lease Details: Rentals, Tenure, and Financial Commitments

The office space is located at One Forest Avenue, Powai. In this transaction, BSS Property Ventures Private Limited and Rajeshwar Property Ventures Private Limited have leased the property to JP Morgan Services India. Both entities operate through an SPV backed by Brookfield Properties, which holds a stake in the development.

Under the lease terms, the agreement starts at a monthly rent of ₹39 crore. This translates to a starting rental of ₹300 per sq ft for the approximately 13 lakh sq ft leased area. Additionally, the built-to-suit office will span 19 floors, including the ground floor, and offer around 1,300 parking spaces.

As part of the transaction, a security deposit of ₹468 crore has been paid. Further, the deal attracted a stamp duty of ₹125 crore, calculated on a 20-year tenure. It also includes a registration fee of ₹30,000. Meanwhile, while the initial lease term is 10 years, rentals will escalate by 4.5% annually.

Brookfield’s GCC Development Strengthens Powai’s Office Market

Brookfield Properties earlier announced a ₹9,000 crore investment to develop a 2 million sq ft global capability centre (GCC) in Powai. The campus is all set to become Asia’s largest GCC for a multinational bank.

The 6-acre development, slated for completion by 2030, will consolidate JP Morgan’s Mumbai operations into a single, state-of-the-art campus.

The transaction highlights India’s growing dominance as a global GCC hub and reinforces Powai’s status as a preferred office micro-market, driven by strong connectivity, a deep talent pool, and a mature mixed-use ecosystem.

JP Morgan’s Growing Office Footprint in India

JP Morgan is one of the world’s leading financial services firms, with a strong and expanding presence in India. Over the years, the firm has steadily scaled its office footprint in Mumbai. This reflects India’s importance as a strategic global capability and talent hub.

In another transaction, JP Morgan Services India Private Limited leased over 2.71 lakh sq ft of office space in the same location of Powai.

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BA Continuum Leases Over 1.11 Lakh Sq Ft in Powai at ₹1.43 Crore Monthly Rent

BA Continuum Leases Over 1.11 Lakh Sq Ft in Powai

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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JP Morgan Leases 2.71 Lakh Sq Ft Office Space in Mumbai’s Powai for ₹612 Crore

JP Morgan Leases 2.71 Lakh Sq Ft Office Space in Mumbai’s Powai for ₹612 Crore

JP Morgan Services India Private Limited has expanded its Mumbai footprint by leasing over 2.71 lakh sq ft of office space in Powai. The transaction reinforces sustained demand for large, Grade A commercial assets in the city’s established business districts.

According to property registration documents accessed by CRE Matrix, the global financial services major has signed a five-year lease with a total rental outlay of approximately ₹612 crore.

Deal Overview

The leased office space is located at One Downtown Central, Powai—formerly known as CRISIL House and spans floors 3 to 9 of the building. The transaction involves Cowrks Pvt Ltd, which manages the workspace, JP Morgan Services India as the tenant, and Kairos Property Pvt Ltd (Brookfield Properties) as the landlord.

The lease tenure is 60 months, with a lock-in period of 30 months. The agreement commenced with a starting monthly rent of over ₹9.23 crore, and includes a security deposit exceeding ₹55 crore.

Lease Terms and Escalation

As per the registered documents dated December 29, 2025, the lease includes a 5% annual rent escalation, ensuring steady rental growth over the lease term. Additionally, the agreement provides an option to renew for another 60 months upon completion of the initial term.

The lease commencement date is April 1, 2026, while the transaction attracted a stamp duty payment of over ₹7 crore, along with a registration fee of ₹30,000.

The transaction also includes 312 car parking spaces, highlighting the scale of operations and the infrastructure requirements of large multinational occupiers. Powai’s strong connectivity, proximity to residential catchments, and access to social infrastructure continue to make it a preferred office destination for BFSI and technology-led enterprises.

Market Implications

This transaction highlights sustained occupier confidence in Mumbai’s commercial real estate market, particularly for managed and institutional-grade office assets. Large-format leases by global corporations such as JP Morgan signal a continued preference for long-term visibility, premium locations, and professionally managed workspaces amid evolving workplace strategies.

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Brokerage Firm Sharekhan Ltd Sells Office Space in Mumbai’s Dadar for ₹45 Crore

Sharekhan Ltd Sells Office Space in Mumbai’s Dadar

Indian stock broking firm Sharekhan Limited has sold its office space in Mumbai’s Dadar locality for ₹45 crore, according to property registration documents accessed by CRE Matrix. The transaction highlights continued demand for quality commercial assets in prime central Mumbai locations.

The company had originally acquired the office space in November 2010 for a little over ₹31 crore. With the latest transaction, the asset has recorded an appreciation of over 42% in around 15 years. This indicates the long-term value of well-located commercial real estate in the city.

The property has been purchased by DE-Max Fincap Advisors Private Limited, which already operates out of the same building. The transaction reflects an expansion or consolidation move by the buyer, leveraging familiarity with the building and its strategic location.

As per the registration documents, the deal involved a stamp duty payment of ₹3.27 crore. Additionally, it included a registration fee of ₹30,000. Sharekhan sold the office space along with 20 car parking spaces. The parties officially registered the agreement on December 3, 2025.

The office unit has a carpet area of 11,820 sq ft and is located on the 18th floor (South West Wing) of the 20-storey commercial tower ‘The Ruby’. Positioned near Dadar railway station, the building enjoys excellent connectivity and proximity to Mumbai’s key central business corridors. This makes it a highly sought-after address for financial and professional services firms.

Recent Transactions

Recent office space transactions in Mumbai reflect sustained corporate demand for premium, well-connected commercial assets. This demand is driven by consolidation, long-term investment strategies. It also reflects strong confidence in Mumbai’s key business districts despite evolving workplace dynamics.

In a recent transaction, Sporta Technologies Private Limited, Dream11’s Parent Company, secured a 1.70 lakh sq ft office lease in Worli for ₹334 Crore. In another transaction, Amazon renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore.

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Kwality Wall’s Signs 5-Year, ₹89.5-Lakh Monthly Office Deal in Goregaon

Kwality Wall's leases office space in Goregaon

Kwality Wall’s (India) has finalized a significant commercial real estate agreement for a fully fitted, dedicated workspace on the 13th floor of Oberoi Commerz II, part of Oberoi Garden City in Goregaon East, Mumbai. The deal was signed with Tablespace Technologies Limited, the sub-licensor and workspace operator. The registration was filed on November 27, 2025, as per data analysed by CRE Matrix.

Under the service and occupancy agreement, the ice-cream major will pay a starting monthly rent of ₹89,50,000. The deal also includes a security deposit of ₹2.685 crore. The contract includes a 5% annual escalation, aligning the rental structure with prevailing rates in Mumbai’s Grade-A commercial office markets. The documents also confirm a 60-month tenure with a matching 60-month lock-in. This is an unusually long lock-in period in the city’s leasing landscape.

The leased office is designed to support extensive team operations, offering 180 workstations alongside a full suite of meeting rooms and executive cabins. The layout features four director cabins, a 10-seater dedicated meeting room, two 8-seater boardrooms, two 6-seater meeting rooms, four 4-seater meeting rooms, and six single-person phone booths. Tablespace was supposed to hand over the fully furnished, ready-to-operate premises on December 1, 2025, as specified in the annexures of the agreement.

The agreement lays out comprehensive operational and compliance obligations typical of high-value commercial occupancy contracts. Tablespace, as the operator, is responsible for providing all the listed facilities and services, while Kwality Wall’s is required to use the premises exclusively for business operations. The contract mandates compliance with all government regulations and GST norms and prohibits termination during the 60-month lock-in period.

Registered on November 27, 2025, with the Joint Sub-Registrar, Mumbai, the detailed service agreement outlines all operational, financial, governance, and indemnity clauses, including terms related to maintenance responsibilities and capex recovery.

Recent Transactions

Recent commercial office transactions in Mumbai continue to highlight rising demand for Grade-A workspaces, long lock-in commitments, and premium rentals. From major corporates to fast-growing brands, companies are securing high-value leases across prime business districts. This signals sustained confidence in the city’s office market.

In a recent transaction, Eternal Ltd, formerly known as Zomato, signed a five-year lease for 84,157 sq. ft. of prime office space in Andheri, Mumbai. In another transaction, Amazon renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term.

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Dream11’s Parent Company Secures 1.70 Lakh Sq Ft Office Lease in Worli for ₹334 Crore

Dream 11 parent leases office space in Worli

Sporta Technologies Private Limited, the parent company of India’s leading fantasy gaming platform Dream11, has finalized a major commercial real estate deal in Mumbai’s Worli. The company has leased approximately 1.70 lakh sq ft of office space for over ₹334 crore, according to property registration documents accessed by CRE Matrix.

The leased premises are located in Ascent Worli, a premium commercial development by K Raheja Pvt Ltd. The deal spans multiple office units across the 4th, 6th, 7th, and 8th floors of the building, offering the company a large and contiguous workspace in one of Mumbai’s most sought-after business corridors. Along with the office area, the lease also includes 135 car parking spaces, highlighting the scale and premium nature of the transaction.

The documents show that the lease has been signed for a period of five years, with a lock-in commitment of 36 months. The transaction was registered on November 17, 2025, with the company paying more than ₹94 lakh in stamp duty and ₹1,000 as registration fees. Additionally, a security deposit of over ₹30 crore has been furnished as part of the agreement.

Sporta Technologies will receive possession of the premises for fit-out work on August 4, 2025. The fit-out period extends for nearly six months, after which the lease will commence in February 2026. The starting monthly rent for the first year is ₹5.07 crore, and the agreement includes an annual escalation of 4.75%. Accordingly, the monthly rent will increase to over ₹5.31 crore in the second year, ₹5.57 crore in the third year, ₹5.83 crore in the fourth year, and ₹6.11 crore in the fifth year.

Recent Transactions

Mumbai’s office market continues to see strong traction, with multiple high-value leases and expansions across key business districts. Premium Grade-A spaces, strategic locations, and long-term commitments are driving the momentum in the city’s commercial real estate landscape.

In a transaction earlier this year, Zomato signed a five-year lease for 84,157 sq. ft. of prime office space in Andheri, Mumbai. In another transaction, Amazon renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore. 

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Zomato (Now Eternal Ltd) Leases Office Space in Mumbai’s Andheri for ₹85 Crore

Zomato parent Eternal leases large office space in Mumbai

In a major commercial leasing transaction, Eternal Ltd, formerly known as Zomato, has signed a five-year lease for 84,157 sq. ft. of prime office space in Andheri, Mumbai. The deal is valued at ₹85 crore, as per documents accessed by CRE Matrix.

The lease deal was registered on May 9, 2025, and the new workspace is located on the 7th floor of R Square, a commercial building owned by Histyle Retail Pvt Ltd (Runwal Realty). The leased premises include six units and 57 car parking spaces, offering a significant footprint in one of Mumbai’s busiest commercial hubs.

The lease agreement begins on May 1, 2025, and includes a 60-month lock-in period for the licensor and 36 months for the licensee. As per documents accessed by CRE Matrix, the monthly rent is set at ₹1.34 crore for the initial 36 months, after which it will increase to ₹1.54 crore for the remaining two years, reflecting a 15% escalation. The effective rent works out to approximately ₹160 per sq. ft.

This move aligns with Eternal’s evolving corporate vision. In February 2025, Zomato officially rebranded itself as Eternal Ltd. This was a shift in focus beyond its core food delivery business. Founder and CEO Deepinder Goyal shared that the rebranding reflects the company’s broader ambitions, particularly with the growing impact of Blinkit, Zomato’s quick-commerce arm.

Commenting on the strategic location, Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, said that Andheri is emerging as a prominent office market due to factors such as increasing annual leasing activity, ongoing housing developments, enhanced metro, airport, and highway connectivity, as well as robust hospitality infrastructure. He added that these advantages are driving many established brands to set up their base in Andheri.

Recent Transactions

Mumbai’s commercial real estate market continues to witness robust activity, with several high-value office space transactions recently finalized. Growing demand from diverse industries and improving infrastructure are driving companies to secure prime locations across key business districts in the city.

In a significant recent transaction within R Square, the same building mentioned earlier, HDFC Bank secured a lease agreement valued at ₹1,020 crore for a sprawling 4.5 lakh sq ft of premium office space. In another transaction, Amazon renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore.

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Amazon Renews ₹1.73 Crore Monthly Lease With Godrej Green Homes in Mumbai’s Vikhroli

Amazon Renews ₹1.73 Crore Monthly Lease

In a notable reaffirmation of Mumbai’s commercial real estate potential, Amazon has renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore. Located along the Eastern Express Highway, this Grade-A office development continues to attract top-tier tenants, with Amazon maintaining a significant presence through four of its group companies.

According to documents sourced from CRE Matrix, the leased premises span the 7th floor of Godrej Two and cover over 58,000 sq ft of carpet area. The lease includes 60 parking spaces, 20 of which are paid at a monthly fee of ₹8,508 per space, and is secured with a 48-month lock-in period.

As per the property registration documents, the first lease transaction involved portions of units 701, 702, and 703, comprising over 42,000 sq ft of leasable area, which was taken up by Amazon Seller Services Pvt Ltd at a monthly rent of more than ₹78 lakh. The second transaction included parts of units 701, 702, 703, and 704, totaling approximately 19,926 sq ft, leased to Amazon Development Centre India Pvt Ltd for over ₹36 lakh per month.

In the third transaction, Amazon Data Services India Pvt Ltd leased portions of units 701 and 704, spanning 16,447 sq ft, at a monthly rent exceeding ₹30 lakh. The fourth lease, involving unit 703 and measuring 15,181 sq ft, was secured by Amazon Smart Commerce Solutions Pvt Ltd for a monthly rent of over ₹27 lakh.

Karan Bolaria, MD & CEO of Godrej Fund Management, commented, “Amazon has renewed its lease for office space on the 7th floor of Godrej Two, located along the Eastern Express Highway in Vikhroli, Mumbai. As one of the building’s original tenants, Amazon’s continued presence reaffirms the enduring appeal of Godrej Two as a premium commercial address.”

Launched in March 2021, Godrej Two is LEED Platinum certified and fully leased, reflecting the high demand for premium office spaces across sectors such as BFSI, IT, logistics, engineering, pharmaceuticals, and manufacturing. Amazon’s renewal further cements Vikhroli’s rising stature as a thriving business hub in the city.

Recent Transactions

Mumbai’s commercial real estate market continues to show resilience with major office space lease renewal transactions. Corporate giants are reinforcing their long-term presence in the city’s premium business hubs. This reflects strong demand for Grade-A office spaces, strategic locations, and top-tier infrastructure across key micro-markets like Vikhroli. 

In a recent transaction, HDFC Bank leased 4.5 Lakh sq ft of office space in Mumbai’s Andheri for ₹1,020 crore. 

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Puravankara Chairman Acquires Office space in Andheri, Mumbai, for Rs 242 Crore

Realtor Ravi Puravankara buys 12 commercial plots in Mumbai

Mumbai’s commercial real estate market has witnessed a significant transaction, with Ravi Puravankara, founder and chairman of Puravankara Ltd, acquiring over 104,000 sq ft of office space in Andheri for Rs 242.1 crore. According to documents obtained through CRE Matrix, the purchase was made from Rockfort Estate Developers, an HLV Group promoter company. With the acquisition, Puravankara now has exclusive use of over 135 parking spaces in the business complex.

The agreement, which was finalized on Wednesday, includes twelve commercial apartments located on the 7th, 8th, and 9th floors of Business Park 2, a prestigious business complex in Marol, Andheri. The stamp duty of about Rs 14.5 crore, paid to complete the registration, demonstrates the size of this investment.

Puravankara, who previously focused on South Indian real estate markets like Bengaluru and Chennai, is making a calculated move with this acquisition. Nonetheless, the business has been aggressively growing its footprint in Mumbai’s real estate market in recent years by making well-thought-out investments in residential and commercial real estate.

Though the exact purpose of the recently gained space is yet unknown, there are several conjectures regarding its possible usage. Given that the agreement was concluded in Ravi Puravankara’s personal capacity, it is unclear if the space will be leased to high-end tenants, converted into a larger corporate office, or utilized to launch a new company segment.

The deal highlights the increasing trust that investors have in Mumbai’s commercial real estate market. High-net-worth individuals seeking to diversify their investment portfolios continue to be drawn to the city due to its steady rental yields and optimistic economic outlook.

Bollywood stars and sports figures, as well as developers and industrialists, have been actively purchasing commercial buildings in Mumbai, utilizing them as profitable investment opportunities. The trend reflects the general belief that real estate is still one of the safest and most lucrative asset classes for preserving and increasing wealth.

Ravi Puravankara’s most recent acquisition further strengthens Mumbai’s need for upscale office space. Industry insiders predict additional high-value deals in the upcoming months as the city’s commercial real estate sector continues to flourish, solidifying Mumbai’s position as one of India’s most vibrant real estate marketplaces.

Recent Transactions

A rise in high-value office space transactions in Mumbai’s commercial real estate market is indicative of strong investor confidence. Developers, investors, and high-net-worth individuals have made significant purchases in recent years. Steady rental profits and strategic expansion have driven this growth.

In a recent transaction, Tata Investment Corporation acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly Rs 150 crore. In another transaction, HDFC Bank secured 4.50 lakh sq ft of space at an annual rental cost of more than Rs 1,020 crore in Mumbai’s Andheri. 

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Real Estate 101 – A to Z about Fit-out Period in India

When it comes to a lease agreement in India, there are some general clauses in a contract to a lease or a lease deed. These provisions are commonly connected to the term of the lease, right to renew the lease, rent-free period, payment of the lease rent, security deposit, covenants of the parties, termination & penalties of termination of the lease, indemnity provisions, force majeure events, and several other miscellaneous clauses. 

What is the Fit-Out Period? 

The fit-out period in real estate India is essentially a rent-free period that is mutually approved by both the relevant parties in which the lessee is not liable to pay the rent and the time span is used to facilitate the lessee to set up important equipment for them to use the property for the intended reason. The fit-out period in India is generally agreed upon by the parries and may span from 3 months to 1 year, contingent upon the requirements of both the lessee and the lessor. 

The fitout period might be lengthened if both parties determine it to be necessary. Similarly, the maximum time duration for extension of the fitout period for office space in Mumbai would probably be agreed upon by the concerned parties. 

When it comes to commercial spaces, fit-out plays a significant role as the lessor/developer is needed to improve upon the basic structure and hand the same over to the lessee for them to begin fit-outs. Both parties might decide that upon the termination of the lease, the fit-out may be eliminated by both the lessee and the lessor. 

Advantages of Fit-Out Period 

Saves Time & Money

Your firm will gain a lot in terms of time when shifting into a building that had a fit-out completed. You will not have to worry about any delay while finishing your own fit-out, thereby letting your business get started immediately. You will also be able to save a lot of money as the fit-out will enable you to not pay for the office fit-out yourself. That can be a pricey procedure.

Flexible Lease

A lease for commercial space which has the fit-out already conducted by the landlord can imply a more flexible lease for the tenant. For example, a lease duration of 1-3 years is not considered to be unusual for a space that already had the fit-out completed. If the lessee leases an empty space and then finishes the fitout themselves, it’s rare that the lease period would be lesser than 3 years. 

In a nutshell, a fit-out period can benefit tenants looking for office space in the commercial real estate market in India. 

CRE Matrix is a leading real estate data analytics firm India that allows you access to crucial leasing data of a number of companies across industries. It lets you view the fit-out period, rent-free period, and security deposit details of many firms that can give you an idea about the market condition. 

For more such exciting analysis and details on real estate, visit CRE Matrix.