A major financial institution has taken up more than 4.50 lakh sq ft of office space across seven floors in a commercial tower located in Mumbai’s Andheri East through a long-term lease of over 10 years.

The large lease agreement involves a total rental outflow of more than ?1,020 crore over the full term, including additional charges, payable to the project’s developer. The agreement also includes a clause for a 15% rental escalation every 36 months.

The lease officially began on January 21, with a fit-out period of 180 days provided. The transaction was executed through three separate agreements, which together drew stamp duty of over ?116 crore. Registration was completed on January 27.

The institution has decided to retain its former headquarters building and exclude it from its current monetisation plans.

Queries sent to the parties involved in the transaction did not receive a response.

India’s office real estate market has shown strong growth in recent years, supported by economic expansion and rising demand from both domestic and global businesses. This momentum is driven by increasing business activity, the entry and expansion of multinational companies, the growth of startups, and the country’s expanding role as a global outsourcing destination. The availability of a large talent pool has further increased the need for high-quality office spaces in major cities and emerging business hubs.

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