HDFC Bank Secures 4.5 Lakh Sq Ft Office Space in Mumbai’s Andheri East in Rs. 1,020 Crore Mega Lease Deal

HDFC Bank Secures 4.5 Lakh Sq Ft Office Space in Mumbai’s Andheri East in Rs. 1,020 Crore Mega Lease Deal

HDFC Bank Secures 4.5 Lakh Sq Ft Office Space in Mumbai’s Andheri East in Rs. 1,020 Crore Mega Lease Deal

HDFC Bank has leased 4.5 lakh sq ft of office space spanning seven floors in Runwal Realty’s commercial tower, R Square, Andheri East in one of the city’s largest corporate leasing transactions. The long-term lease agreement, exceeding Rs. 1,020 crore, is structured for over 10 years, with a rental escalation of 15% every 36 months.

The lease, which commenced on January 21, includes a fit-out period of 180 days and grants the bank exclusive access to 227 car parking slots. Registered on January 27, the transaction was executed through three separate agreements, attracting a stamp duty payment of over Rs. 116 crore. Initial monthly rentals are set at Rs. 6.45 crore for a carpet area of nearly 2.73 lakh sq ft.

The move follows HDFC Bank’s post-merger strategy to streamline its real estate portfolio, which includes the monetization of several assets across Mumbai and other cities. As part of this plan, the bank is set to sell non-core properties, including HDFC House in Churchgate, Kalina, Chandivali, Kolkata, Mysore, and Bengaluru, aiming to generate over Rs. 3,000 crore.

HDFC House, a prime commercial property in South Mumbai, was originally acquired from Hindustan Unilever in 2014 for Rs. 300 crore. Before the acquisition, the 153,000 sq ft property served as Hindustan Unilever’s headquarters, with HDFC operating as a tenant before purchasing it.

The latest lease transaction highlights the continued expansion of corporate occupiers in Andheri East, a key commercial hub in Mumbai, known for its connectivity and modern infrastructure.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/