In an impressive move that demonstrates its belief in Mumbai commercial Andheri’s real estate, HDFC Bank has signed up for over 2.72 lakh sq ft in Andheri. This prime commercial property now occupies a part of the newly constructed R Square building by the subsidiary of Runwal Realty, Histyle Retail Pvt Ltd. It is leased for a period of 10 years to a tenant with an annual rent of more than ₹77 crore.
HDFC Bank Makes Waves in Andheri’s Real Estate
The lease includes seven floors of the R Square building with a modern workspace arrangement and 207 parking bays. The monthly rent as per the document accessed via CRE Matrix is ₹6.45 crore and is provided with a 15% escalation clause after every three years, documents accessed by CRE Matrix. The lease date started on January 21, 2025, whereas, the Lease Agreement was registered on January 27).
With this offer, Andheri’s position as a desirable commercial leasing center is further solidified by its metro accessibility, convenience to the airport, and the strength of its infrastructure. “Andheri is evolving as a dynamic office market with its seamless access to key business zones, residential developments, and hospitality hubs,” commented Abhishek Kiran Gupta, CEO of CRE Matrix.
HDFC Bank Steps in Commercial Real Estate
The transaction is a part of HDFC Bank’s strategy to step up its footprint in Mumbai’s commercial real estate. This is after the bank’s November 2024 lease of an unprecedented 4.16 lakh sq ft space in Navi Mumbai’s Mindspace Business Parks for ₹320 crore.
HDFC Bank’s building craze coincides with the broader trend among financial players, such as ICICI Bank which recently leased 1.29 lakh sq ft at Turbhe. These celebrity-backed deals are creating a sense of demand for premium work fit out in Mumbai and its satellite areas, creating a bright perspective for the area’s real estate market.
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Andheri’s real estate