HDFC Bank has leased over 250,000 square feet of office space at K Raheja Corp-backed Mindspace Business Parks REIT’s business park in Navi Mumbai’s Airoli locality for 10 years, multiple people with direct knowledge of the development said.
The bank is planning to set up its technology and processing unit at the new office that will service its operations across the country. The office tower, which is part of Mindspace Business Park’s first phase, is currently under development and is expected to be completed in the next 3-4 months when the bank will start its fit-out work.
Out of around one million sq ft under-construction space, the developer has so far leased 600,000 sq ft including the deal with HDFC Bank. The bank had entered into negotiations and a preliminary agreement much before it announced the plan to merge with its group entity HDFC, the country’s largest private mortgage lender.
Mindspace Airoli West is a fully integrated business park spread over 50 acres and is part of the Mindspace Business Parks REIT portfolio. It has a total leasable area of 5.2 million sq ft with future development potential of additional 0.3 million sq ft, apart from 0.9 million sq ft under-construction area.
The park has so far completed the development of a total area of 3.9 million sq ft across six towers that count total 33 occupiers and tenants including Accenture, UBS, Atos India, CMA CGM, WorleyParsons and IDFC.
