DCB Bank Buys Office Space in Mumbai's Lower Parel

Private sector bank DCB Bank purchased a 15,464 square foot office space in the Peninsula Business District in the Lower Parel business district in Mumbai for more than Rs 37 crore on a pure basis. The bank has acquired an office on the 18th floor of tower A of a commercial project. In addition to over 10,049 square feet of carpeted area, the bank will also benefit from exclusive access to 15 parking lots under this arrangement. DCB Bank purchased the property from Templecraft Realty LLP and the transaction was registered on December 13, showing documents accessible through real estate analytics firm Propstack. The bank currently occupies offices on the 6th floor of this tower and functions as its headquarters from here. The transaction is "part of the bank's regular business of renting or buying as required by the business," the bank said about the transaction. Despite the hype surrounding work-from-home and hybrid work, office and corporate rentals are on the rise, indicating healthy growth in the commercial real estate industry as Everyone goes back to the office. The second half of 2021 was marked by a strong increase in office space absorption, driven by leasing activity in the information technology and IT services sectors. Large office leasing transactions are recorded in major real estate markets, thanks to a steady economic recovery, an active vaccination campaign across the country and an increasing number of companies planning to bring in force. workers return to the office.