IDFC First Bank has picked up a total of 18 floors of office space spread over nearly 4.5 lakh sq ft in a commercial project Quantum in Hiranandani Estate from real estate developer Hiranandani Group on a long-term lease of 10 years including a renewal option.
This is one of the largest office lease transactions concluded this year. The private-sector bank will be paying Rs 202.5 crore as a rental for the office space over the first five-year tenure of the lease, including maintenance.
IDFC First Bank is planning to utilize the newly leased space for expansion of its operations and processing work in addition to consolidation. The 25-storey tower has been completed recently and is now ready for fit-out. The bank has entered into an agreement to lease this space from Roma Builders, one of the subsidiaries of Hiranandani Group, which counts Niranjan and his brother, Surendra Hiranandani, as directors. While both brothers are running separate real estate companies and developing projects, they also continue to own many real estate projects and properties jointly.
The bank has leased the office space on the 5th to 13th floor, 15th to 17th floor, and 20th to 25th floor, and the deal for the same was registered on August 30.
