Posted on

Bank of America Leases Two Commercial Units in Malad at a Monthly Rent of ₹91.5 Lakh

Bank-of-America

In a significant move, Bank of America through its non-banking subsidiary has secured a lease for two commercial units in the bustling area of Malad. The lease spans a substantial duration of 10 years, with a monthly rental of ₹91.5 lakh according to documents accessed by FloorTap.com. This strategic decision is poised to be pivotal in Bank of America’s operations and presence within the region. 

The two offices are located in Prism Tower, Malad. Both these offices, located on the 11th floor have been leased by BA Continuum India Pvt Ltd, a subsidiary of Bank of America. These spaces are acquired from Hamlet Constructions (India) Pvt Ltd for a monthly rent of ₹112 per square foot. 

The first office space occupies an astounding 53,318 square feet for an initial monthly rent of ₹59.87 lakh. The agreement also includes the provision of an impressive 53 car parking spaces for employees and visitors. A substantial security deposit of ₹3.59 crore has been paid to secure this transaction. The second office space spans 28,154 square feet and the initial monthly rent for this space amounts to ₹31.61 lakh. A security deposit of ₹1.89 crore has been provided to secure this deal. Additionally, the leased space includes 28 designated parking spots as per the documents accessed. The agreement was officially registered on March 19, 2024.

The lease for both office units commenced on February 1, 2024, and the rent is payable from August 1, 2024. A rent-free period of six months has been granted, allowing BA Continuum India Pvt Ltd to set up and establish operations without immediate rental obligations. Additionally, a four-year lock-in period is set to make sure that the occupancy remains stable for that time. Common Area Maintenance (CAM) charges are set at ₹11 per month per square foot of the chargeable area, covering the upkeep and maintenance of shared spaces within the premises. Furthermore, in alignment with market trends, the lease agreement includes an escalation clause, whereby the rent will increase by 15% every three years.

Recent Transactions

Bandhan Bank Ltd purchased 12 commercial flats in INS Tower, Bandra Kurla Complex, Mumbai for ₹135.64 crore. Each unit was registered on January 31, 2024.

Axis Bank Ltd leased 81,000 sq ft of commercial space in Parle Product Factory Compound, Vile Parle, Mumbai for five years at a beginning monthly fee of ₹85.37 lakh. Axis Bank paid a security deposit of 5.12 crore for the January 31, 2024 deal, according to the leave and licence agreement.

Elevate your decisions in real estate as a developer with CRE Matrix‘s data-driven insights. Book a demo now.

Posted on

Virat Kohli leases out 12 office spaces in Gurugram for an annual rent of Rs 1.27 crore

Virat_Kohli

Kohli leased 12 office spaces totaling 18,430 square feet at the Reach Comercia corporate tower in Gurugram’s sector 68. The rental was set at around Rs 8.85 lakh per month.

Cricketer Virat Kohli has leased 18,430 square feet of office space in Gurugram to business firm Mynd Integrated Solutions for a yearly rental of Rs 1.27 crore, according to documents accessed by CRE Matrix.

According to the documents, Kohli leased up to 12 office spaces totaling 18,430 square feet in the Reach Comercia business skyscraper in Gurugram’s Sector 68 and the sale was locked in at a monthly rate of around Rs 8.85 lakh.

The stamp duty paid in the transaction was Rs 3.83 lakh, with registration costs of Rs 50,010. Mynd Integrated Solutions Pvt Ltd., situated in Delhi, is the deal’s lessee. The purchase was carried out through RCB star player Virat Kohli’s registered General Power of Attorney (GPA) holder, Vikas Kohli, who is also Virat’s brother.

Although the transaction’s stamp-duty registration was completed on June 22, 2023, the deal’s documentation was made public in March 2024. 

The security deposit for the deal was Rs 57.19 lakh, and the starting monthly rent per square foot is Rs 48. 37 parking spaces are included with this workplace space.

There is a nine-year lease and the lease began on March 28, 2023, and the agreement’s rent began on July 1, 2023.

Documents revealed that the agreement called for a five percent annual rent increase and monthly common area maintenance fees of Rs 14 per square foot.

Former Team India captain Virat Kohli and his spouse, actress-producer Anushka Sharma, rented a residence in Mumbai’s Juhu neighbourhood for Rs 2.76 lakh a month in October 2022. Situated close to the Juhu beach region, the apartment boasts a sea view and is housed in the High Tide building.

According to real estate specialists, the high annual rental return that commercial real estate offers in contrast to residential real estate is the main driver of this trend. The amount a property owner makes each year from renting out a property is known as the rental yield.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now.