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HDFC Bank Signs Rs 1,020-Cr Lease Agreement for 4.5 Lakh Sq Ft Office Space in Mumbai’s Andheri

HDFC Bank Signs Rs 1,020-Cr Lease Agreement for 4.5 Lakh Sq Ft Office Space

A significant commercial lease has been signed by HDFC Bank in Mumbai’s Andheri. The bank has secured 4.50 lakh sq ft of space at an annual rental cost of more than ₹1,020 crore, according to documents accessed by CRE Matrix. 

Documents reveal that HDFC Bank has signed a 10-year lease for a carpet area of nearly 2.73 lakh sq ft within R Square, a commercial building constructed by Histyle Retail Pvt Ltd, a subsidiary of Runwal Realty. This significant lease agreement highlights HDFC Bank’s commitment to expanding its presence in Andheri, Mumbai.

The leasing of the commercial space has been executed through a series of three separate agreements. These agreements cover selected units located on the ground floor, as well as the first through sixth floors of the building. The monthly rental payment for the leased space is ₹6.45 crore, translating to an annual rent exceeding ₹1,020 crore. The lease agreement includes a provision for a 15% rent escalation at the end of every 36 months. 

The licensee was permitted to commence operations on January 21, 2025, with the agreement subsequently being registered on January 27, 2025. The commercial space features 227 parking spaces. A significant security deposit of ₹116 crore was paid by HDFC Bank as part of the leasing agreement.

Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com commented, “Andheri is a growing office market of Mumbai in terms of annual leasing activity, new housing developments, metro, airport, and highway connectivity, hospitality, and everything in between.”

Recent Transactions in Mumbai

In a recent transaction, Tata Investment Corp acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly ₹150 crore. In another transaction last year, Nielsen Media India Private Limited and its subsidiary leased 1.52 lakh square feet of office space in Mumbai’s Goregaon.

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Tata Investment Corp Purchases Office Space in Wadala, Mumbai, for ₹150 Crore

Tata Investment Corp Purchases Office Space in Wadala

Tata Investment Corporation, Tata Group’s non-banking financial company has acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly ₹150 crore, according to documents accessed by CRE Matrix. 

The Agreement for Assignment cum Sale indicates that NCP Commercial Pvt Ltd has transferred ownership of the two office spaces situated in the Lodha Excelus building in the Wadala region of Mumbai.

The first office space, situated on the seventeenth floor of Lodha Excelus, encompasses an area of 21,441 square feet and was acquired for a sum of ₹74.24 crore. It includes a provision for twenty-eight car parking spaces. The second office space, a substantial 21,302 square feet, occupies the entire 22nd floor of the prestigious Lodha Excelus building. This acquisition, valued at ₹73.75 crore, also includes a generous allocation of 35 car parking spaces.

The documentation reveals that the transaction was officially recorded on January 10th, requiring the payment of a stamp duty amounting to ₹8.88 crore. The property in question is equipped with 63 designated car parking spaces.

Tata Investment’s purchase of office space in Wadala highlights the area’s growing importance. Wadala boasts excellent connectivity. It enjoys proximity to Bandra Kurla Complex (BKC), India’s most expensive commercial hub, and South Mumbai. Furthermore, strong highway links facilitate easy travel to both western and eastern suburbs. Access to Atal Setu provides convenient connectivity towards Ulwe, Panvel, Navi Mumbai, and beyond.

Recent Office Transactions in Mumbai 

The continuous growth of businesses in Mumbai, India’s premier commercial hub, has created a demand for high-quality office spaces. This dynamic market attracts a diverse range of businesses, from multinational corporations to innovative startups, all seeking strategic locations to establish and expand their operations.

In a transaction last year, Nielsen Media and its subsidiary leased 1.52 lakh sq ft of office space in Mumbai for ₹3.87 Crore per month for 10 years. In another transaction, a subsidiary of Redbrick Offices acquired 22 office units for Rs 267.5 Crore in Mumbai. 


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DLF’s Sidhant Real Estate Acquires Iconic Bungalow in Lutyens’ Delhi for ₹150 Crore

DLF’s Sidhant Real Estate Acquires Iconic Bungalow in Lutyens’ Delhi for ₹150 Crore

Sidhant Real Estate, a company led by DLF Chairman Rajiv Singh and his family, is in the headlines for the acquisition of a grand bungalow in the upscale neighborhood of Prithviraj Road in Lutyens’ Delhi. The transaction, valued at ₹150 crore, according to documents accessed by CRE Matrix is a testament to the rising demand for ultra-luxury properties in the capital’s most coveted areas.

The bungalow was acquired from Rangoli Resorts, a company where Sheela Foam’s executive chairman, Rahul Gautam, and his family serve as directors. According to the documents, Sidhant Real Estate paid a stamp duty of ₹10.5 crore.

Rangoli Resorts, known for its association with Sheela Foam, also completed another high-value transaction last year, purchasing a bungalow on Hailey Road for ₹165 crore. Both deals were finalized in October 2024 and listed on the India Sotheby’s International Realty platform, showcasing their exclusivity.

While Rangoli Resorts’ dealings show the glamour of luxury real estate investments, Sidhant Real Estate’s acquisition stands in the spotlight. It not only adds to the portfolio of the company but also brings Lutyens’ Delhi to the forefront of high-net-worth individuals searching for luxury properties.

This transaction is just one more example of DLF’s history of large, high-end developments and acquisitions, as Sidhant Real Estate continues to gain prominence and stature in the luxury real estate market.

Recent Transactions in Delhi

The market for luxury real estate in Delhi is still highly competitive, with high-profile deals occurring in some of the most desirable areas in the city. These transactions demonstrate the rising demand for upscale real estate in desirable neighborhoods like Lutyens’ Delhi.

In a recent transaction, Anurang Jain, the managing director of auto component leader Endurance Technologies purchased a 1,350 square-yard bungalow on Kautilya Marg, New Delhi for a substantial sum of ₹130 crore.

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K Raheja Corp Shells Out Rs 466 Crore for 5.7 Acres in Mumbai’s Kandivali

K Raheja Corp Shells Out Rs 466 Crore for 5.7 Acres in Mumbai's Kandivali

Realty developer K Raheja Corp has entered into an agreement to acquire a 5.75-acre parcel of land, including existing structures, in the eastern district of Kandivali, Mumbai, for a consideration of approximately ₹466 crore, according to documents accessed by CRE Matrix. 

A subsidiary of the company, K Raheja Corp Real Estate, entered into an agreement with Global e-Service, the successor entity to The New Vinod Silk Mills, to purchase the land parcel and the building known as Vinod House.

The documents state that the entire time needed to finish the transaction will impact the consideration value. For instance, the entire consideration value will be ₹422 crore if the transaction is finalized between November 2025 and January 2026. However, the consideration value will increase to ₹466 crore, if the transaction is completed by the maximum date of December 2029.

The developer paid a stamp duty of ₹31.74 crore to register the land acquisition agreement signed on December 22nd. K Raheja Corp Real Estate plans to develop a luxury residential project on the acquired plot and is seeking necessary approvals from Mumbai’s civic authorities. 

K Raheja Corp has made an initial payment of ₹210 crore to Global e-Service. The remaining payment will be made upon receiving approval from the civic authority. The agreement stipulates a five-year timeframe for the developer to obtain the necessary permissions.

This acquisition marks the fourth property purchase by K Raheja Corp in recent months. Last month, the developer acquired two prominent properties: Bayside Mall, an early entrant in India’s shopping mall scene, and Popular Press Building, spanning over half an acre in South Mumbai’s Tardeo area, for a combined transaction value exceeding ₹ 355 crore.

Recent Land Transactions in Mumbai 

The Mumbai real estate market is witnessing a surge in land transactions, because of robust demand for luxury residences. Realty developers are picking up land parcels through outright purchases, entering into joint development agreements, and undertaking housing society redevelopment projects to capitalize on the growing appetite for luxury properties at prime locations.

This aggressive land-grabbing reflects the city’s enduring allure and the escalating desire for high-end living spaces in prime locations.

In a recent transaction, Equinix India bought 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore. In another transaction, Mahindra and Mahindra Ltd Sold 20.5 Acres of land in the Kandivali Area for Rs.210 Crore. 

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Awfis Space Solutions Secures 1.97 Lakh Sq Ft Office Space in Pune’s Kharadi

Awfis Space Solutions Secures 1.97 Lakh Sq Ft Office Space in Pune's Kharadi

Co-working giant Awfis Space Solutions expands its footprint with a 197,000 Sq Ft lease in Pune’s thriving Kharadi over a five-year lease, according to documents accessed by CRE Matrix. 

For the initial three-month fit-out period commencing on January 1st, the company will pay a monthly rental of Rs 18 per square foot. After the initial three months, lease rentals will be structured based on a profit-sharing model with a minimum guarantee, as outlined in the agreement between the company and the developer. 

This transaction, registered on December 30th, involved a security deposit payment of Rs 8.87 crore from Awfis Space Solutions. The leased office space occupies all 17 floors of the commercial tower. The agreement includes a monthly common area maintenance charge of Rs 4 per square foot of carpet area.

Startups and small businesses are leaving behind traditional office setups and embracing the freedom of flexible workspaces. With hybrid work becoming the norm, who needs a massive office gathering most of the time? Coworking spaces and managed offices offer the perfect solution. This flexibility is a game-changer, especially in dynamic cities like Bengaluru, Mumbai, and Delhi-NCR. The market is exploding with options, from sleek, modern offices to cozy, creative workspaces.

Recent Office Transactions in Pune

Pune’s manufacturing and IT sectors are driving the city’s office market. Areas like Magarpatta City, Kharadi, and Hinjewadi are popular spots for businesses, with lots of modern office buildings popping up. You can find everything from big corporate towers to smaller, more flexible spaces, so there’s something for every company.

In a recent transaction, CA India Technologies Pvt. Ltd. Extended its Office Lease in Pune’s IT Hub with Annual Rent Exceeding ₹12 Crore. 

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Anurang Jain, Managing Director of Endurance Tech Acquires ₹ 130 Crore Bungalow in Delhi

Anurang Jain, Managing Director of Endurance Tech Acquires ₹ 130 Crore Bungalow in Delhi

Anurang Jain, the managing director of auto component leader Endurance Technologies, has purchased a 1,350 square-yard bungalow on Kautilya Marg, New Delhi. The deal was finalized for a substantial sum of ₹130 crore, according to documents accessed by CRE Matrix.

Jain paid a stamp duty of ₹8.32 crore to acquire the property, making it one of the costliest real estate transactions in New Delhi.

This year, several ₹100 crore-plus property deals have closed in New Delhi. The increasing demand for prime properties, coupled with limited supply, has driven up prices and attracted significant investments from high-net-worth individuals.

Recent Transactions in Delhi

New Delhi’s luxury real estate market is experiencing unprecedented demand, driving up prices for prime properties. As a result, numerous high-value bungalow deals are on the verge of closing. In a transaction earlier this year, Bhuvan Bam had bought a bungalow for Rs 11 crore in South Delhi. In another transaction, Zomato CEO Deepinder Goyal purchased two land parcels totaling 5 acres in Mehrauli Tehsil, New Delhi, for ₹79 crore.

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CA India Technologies Pvt. Ltd. Extends Office Lease in Pune’s IT Hub with Annual Rent Exceeding ₹12 Crore

CA India Technologies Pvt. Ltd. Extends Office Lease

US-based CA Technologies Private Limited has renewed its lease for a 1.08 lakh sq ft commercial space in Pune’s Kharadi area, a key IT hub. The lease agreement made with a subsidiary of Panchshil Realty involves an annual rent exceeding ₹12 crore for a five-year term, as per property registration documents obtained by CRE Matrix. This commercial space is situated in the Eon Free Zone, a prominent office hub in Kharadi, and is owned by Eon Kharadi Infrastructure Pvt Ltd. The agreement was registered on November 28, with the tenant providing a security deposit of ₹8.46 crore and a stamp duty of ₹49.57 lakh.

The leased property includes the ground, second, and third floors, totaling 1.08 lakh sq ft. It offers 308 parking spaces, comprising 108 for four-wheelers and 200 for two-wheelers. The current monthly rent is set at ₹98 per sq ft, amounting to ₹1.07 crore, and this rate will remain until November 2025. The rent is scheduled to increase over the lease term, rising to ₹1.12 crore per month in 2025, ₹1.18 crore in 2026, ₹1.24 crore in 2027, and ₹1.30 crore in 2028. Previously, from 2022 to 2024, CA Technologies leased a larger space of over 1.83 lakh sq ft at a monthly rent of ₹2.05 crore.

Kharadi’s commercial real estate market is thriving, with local brokers reporting monthly rental rates of around ₹90 per sq ft for Grade A office spaces. According to Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, this transaction highlights how the office markets are still thriving as start-ups, Indian corporations, and GCC companies continue to grow. Ample human resources, Grade A office buildings, and affordability are the main factors that make Pune a desirable office market. Despite a slowdown in growth, Grade A office rentals are still increasing.

Recent Transactions

Pune’s commercial real estate market continues to witness strong activity, with recent transactions reflecting steady demand. In a recent deal, The Lodha Group purchased a 2.82-acre land plot in Pune’s Hinjewadi for Rs 111 crore. In another transaction, MRF secured the lease of 3.85 lakh sq ft of large warehousing space in the Mawal area of Pune.


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K Raheja Corp Acquires Two Mumbai Properties for ₹355 Cr

K Raheja Buy 2 Properties

K Raheja Corp’s real estate investment arm, Ivory Property Trust, has significantly expanded its Mumbai portfolio by acquiring two prime properties in the upscale Tardeo area: the prestigious Bayside Mall and the historic Popular Press Building, for a total of ₹355 crore from AAA Holding Trust, according to documents accessed by CRE Matrix.

The Bayside Mall and Popular Press Building, spanning 1216.29 sq m and 1070.24 sq m respectively, were acquired by Ivory Property Trust for a stamp duty of ₹21.30 crore.

Bayside Mall, a three-story structure built on a one-third acre plot, has a total built-up area of 17,345 sq ft. The mall, which originally had 105 units, now comprises 75 units following the consolidation of certain units.

The Popular Press Building, a two-story structure situated adjacent to Bayside Mall on a plot of land exceeding a quarter-acre, was also part of the acquisition. The buyer made an initial payment of Rs 120 crore at the time of deal registration.

Ivory Property Trust fulfilled its payment obligations by paying the second tranche of Rs 120 crore to AAA Holding Trust on August 22. The final tranche of Rs 115 crore was scheduled to be paid by the deal’s closing date of November 20.

Recent Transactions in Mumbai

Mumbai is more than just India’s financial capital. It’s a real estate powerhouse, buzzing with opportunities. With sky-high demand, a booming economy, and a diverse range of properties, Mumbai’s real estate market is a dream come true for investors and homebuyers alike.

In a recent transaction, Equinix India purchased 5,597 square meters of land in Mumbai’s Chandivali for ₹155 crore. In another transaction, Property Ventures (India) Pvt Ltd recently sold an IT Park located in Mumbai’s Malad area for a substantial sum of ₹335 crore. 


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Equinix India buys 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore

Equinix buys land in Mumbai

Equinix India Pvt Ltd, a US-based data center company, paid ₹155 crore for 5,597 sq m (1.38 acres) of land in the Chandivali neighborhood of Mumbai, according to property registration records accessed by CRE Matrix. According to the records, a building with a total built-up area of 5,386 square meters was purchased along with the land parcel.

The property is being sold by Overseas Packing Industries Pvt Ltd and Warden Hyforce Pvt Ltd. The transaction was registered on November 21, 2024, and ₹10.56 crore in stamp duty was paid on the purchase.

In June 2022, Equinix India revealed plans to invest $86 million for the construction of a new data center in Mumbai. The company had purchased a four-acre plot of land in the city’s Chandivali area.

Equinix had previously stated that the new data center, which would be called MB3, would be the company’s third such facility in Mumbai. MB3 IBX will be located adjacent to Equinix MB2 IBX and 1.5 km away from MB1 IBX data center.

Chandivali is strategically situated between Mumbai’s western and eastern suburbs, offering excellent connectivity throughout the city. It is also in proximity to Powai, which is home to numerous international and domestic companies. Equinix India currently operates three International Business Exchange (IBX) data centers in Mumbai, named MB1, MB2, and MB4. The newly acquired land houses one of these centers, MB2. 

The company plans to continue its investment in the market to support India’s growing digital economy. They have announced plans for the development of MB3, with an initial investment of $86 million. MB3 will offer a starting capacity of over 1,375 cabinets, expanding to more than 4,150 cabinets upon completion. Additionally, Equinix has revealed its expansion in Chennai, with an investment of $65 million for the first phase, which will provide 850 cabinets and a total capacity of 4,950 cabinets when fully developed.

Recent Transactions

Mumbai’s real estate market sees significant land transactions, with major deals involving residential, commercial, and industrial properties. Recent notable transactions highlight the demand for prime land in key locations across the city.

In a recent land deal, DMart acquired a plot of land in Chandivali for Rs. 117 crore. In another major land deal, Hindustan Construction Company (HCC) sold a 2.35 lakh sq mtr land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore.

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Kanakia Spaces Realty Secures ₹208 Crore Redevelopment Deal for Two Buildings in Borivali

Kanakia Spaces acquires 3.3-acre redevelopment projects

The Mumbai-based real estate developer, Kanakia Spaces Realty Pvt Ltd, has secured the development rights for two old buildings in Borivali, Mumbai. The combined value of the development agreements for these projects amounts to ₹208.53 crore, according to documents accessed by CREMatrix.com. 

The redevelopment of these two housing societies in Govind Nagar, Borivali, Mumbai, will be undertaken under the Maharashtra government’s cluster redevelopment policy. These housing societies, both over 50 years old, will undergo a complete transformation. Furthermore, Maharashtra’s cluster redevelopment policy will target housing societies in Borivali, Mumbai, that have been standing for more than 50 years. These redevelopments will provide residents with modern amenities, better infrastructure, and safer housing.

The development agreements for the two housing societies were officially registered on September 12, 2024. A stamp duty of ₹11.40 crore was paid as part of this registration process. 

The first building, Shree Mohan Chs Ltd, occupies 2.02 acres of land, with residents currently residing in 70,616 sq ft of space. Under the redevelopment plan, residents will receive an additional 36% of the total area in the redeveloped building, resulting in approximately 96,038 RERA carpet area. Additionally, each flat will be assigned one designated parking space.

The redevelopment plan for the second building, Shree Balwant Chs Ltd, which covers 1.31 acres, will provide residents with a 45% increase in their living space beyond the current 55,869 sq ft of carpet area. Additionally, the project will include 51 designated parking spaces.

During the redevelopment period, tenants residing in both old buildings will receive monthly rental compensation of ₹60 per square foot. The developer is committed to completing the redevelopment of both buildings within 36 months. The entire saleable component of the project is expected to be completed, and the full occupation certificate (OC) obtained, within 66 months from the commencement of redevelopment.

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