The lease period for the office where the bank’s top executives sit has been fixed at 36 months, taking the total rent payments to over Rs 52.2 crore.
Commercial property with a basement, ground floor and eight upper floors, Sandoz House occupies a total space of 64,872 square feet. The office building has parking slots for 40 cars.
According to documents obtained through real estate data analytics firm CRE Matrix, HDFC Bank has paid Rs 3.79 crore as security deposit for the lease.
The lease transaction between the bank and the landlord, Dr. Syedna Tahir Saifuddin Memorial Foundation, was registered on September 29.
In line with nearby rentals for properties like CJ House, Poonam Chambers and Shiv Sagar Estates, this property has a rental bargain at Rs 224 per sq ft.
Commercial properties in this vicinity house the headquarters and corporate offices of some of the largest Indian companies and global entities including financial services firms Barclays Corporate and Investment Bank, Credit Suisse AG, Nomura Financial Advisory and Securities (India).
HDFC Bank did not get any response to ET’s email query till the time of writing this news on Monday.
Despite the much talked about emergence of work from home option and hybrid model Following the outbreak of the Covid19 pandemic last year, many occupants and tenants of large commercial complexes across the country are renewing their lease agreements.
this renewal existing lease Including several big deals like HDFC Bank that have been concluded recently, indicate that even large corporate entities maintain or continue to increase the presence of their physical offices.
According to industry experts and commercial real estate developers, renovation demand is a strong indicator towards a pickup in activity once a substantial workforce returns to office. Developers are also seeing existing tenants consolidating and expanding their presence in most of the micro-markets across the country.
India’s office transactions posted strong quarterly growth in the September quarter, despite the threat of a more severe second wave and third wave of Covid19 infections.
Knight Frank India data shows that the total office space across major cities stood at 12.5 million sq ft during the quarter, representing a 168% year-on-year growth.
Corporate India takes significant steps towards resumption of work from office, aggressive rate of vaccination as well as less restrictions on mobility, better business environment is supporting the improvement in market traction levels seen in pre-pandemic times Is.