As per the lease agreement, the bank will pay a lease rental of Rs 53.19 lakh per month, with an annual rental pay of around Rs 6.40 crore. The bank has also paid a security deposit of about Rs 3.07 crore for the transaction.
The lease for the office space at the Information Technology Park will run next month till September 2027 with a lock-in period of 18 months. The lease agreement was signed on Wednesday.
The bank has taken office space on the 11th floor of the South Wing and the 12th floor of the North Wing of the tower on lease from the developer. Rommel Real Estateshowed agreement reached through CRE MatrixA real estate data analytics firm.
The said office space is mortgaged
(i) who has given a No Objection Certificate (NOC) in favor of the occupier for the purpose of this lease transaction.
A Rommel Real Estate spokesperson confirmed the lease transaction, while a reply to ET’s email query to Yes Bank remained unanswered till the time of going to press.
The recovery in commercial real estate, especially office spaces, after the COVID-19 pandemic has been broad-based, as indicated by the increasing number of small and medium-sized leases and one-time transactions across sectors and major property markets .
The commercial office segment, which was hit hard by the pandemic, has made a strong comeback in the last 3-4 quarters, driven by strong economic growth, increased recruitment, and a bounce back in the office trend.
The Indian office market grew significantly and delivered a strong performance in the first half of 2022. Office transactions were recorded at 25.3 million sq ft, a 107% year-on-year growth, indicating market potential behind a weakening pandemic and the promise of a sustained economic recovery.
The IT and ITeS segments are among the key drivers of overall leasing activity in the top cities and bulk hiring by these firms will hit the demand for large quality office spaces.