Axis Bank leases over 81,000 sq ft office space in Mumbai's Vile Parle

SECTIONSAxis Bank leases over 81,000 sq ft office space in Mumbai's Vile ParleBy Kailash Babar, ET BureauLast Updated: Feb 06, 2024, 08:38:00 PM ISTRate StoryFollow usShareFont SizeAbcSmallAbcMediumAbcLargeSavePrintCommentSynopsis

Axis Bank has leased over 81,300 sq ft office space in Mumbai's Parle Product Factory Compound for 5 years with a monthly rent of Rs 85.37 lakh. The agreement includes a 12% rental escalation after 3 years. The lease and rent commencement dates are in 2024. Axis Bank will have exclusive access to 81 four-wheeler parking spaces and 300 two-wheeler parking slots.

Reuters

Axis Bank has picked up over 81,300 sq ft office space in the Parle Product Factory Compound located in Mumbai's western suburb Vile Parle through a lease for five years with a starting monthly rent of Rs 85.37 lakh.

The agreement for the office space on ground plus three floors includes a clause to escalate rentals by 12% after initial three years from the lease commencement date.

While the license commencement date is February 1, 2024 and the rent commencement date is September 16, 2024, showed documents accessed through FloorTap.com.

As part of the deal, Axis Bank will get exclusive access to a total 81 four-wheeler parking spaces and 300 two-wheeler parking slots.

The bank has paid a security deposit of over Rs 5.12 crore for the deal that was registered on January 31.

ET's separate email queries to Axis Bank and Parle Products remained unanswered until the time of going to press.

Recent data from property consultant JLL India shows net office space absorption in India’s top seven cities breached the 40-million-sq-ft mark and stood at 41.97 million sq ft in 2023. This not only marks a new post-COVID milestone but also ranks as the second highest annual absorption, trailing only the levels recorded in 2019.


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