Axis Bank has recently leased over 81,300 square feet of office space in Mumbai’s Vile Parle, specifically in the Parle Product Factory Compound. This lease agreement spans five years and entails a monthly rent of Rs 85.37 lakh, with a provision for a 12% rental escalation after the initial three years.
Key Details
- Location: Mumbai’s Vile Parle
- Lease Term: 5 years
- Monthly Rent: Rs 85.37 lakh
- Rental Escalation: 12% after 3 years
- Exclusive Parking: 81 four-wheeler spaces and 300 two-wheeler slots
Lease Agreement Details
The lease and rent commencement dates are set in 2024. Axis Bank will have exclusive access to 81 four-wheeler parking spaces and 300 two-wheeler parking slots. The agreement includes a provision for a 12% rental escalation after the initial three years.
Security Deposit: Axis Bank has paid a security deposit of over Rs 5.12 crore for the lease agreement.
Property Consultant Data: Recent data from CRE Matrix shows that net office space absorption in India’s top seven cities surpassed the 40-million-sq-ft mark in 2023, marking a significant milestone post-COVID.
The leasing of this office space in Vile Parle represents a strategic move for Axis Bank and aligns with the bank’s expansion plans.
