IDFC Acquires 1.8L sq. ft. Office on Lease in Navi Mumbai

IDFC Bank has acquired a 1.8 lakh sq. ft. of office space on lease in K Raheja Corp’s mixed-use development Mindspace which is situated in the locality of Juinagar in Navi Mumbai.

The set lease period is for five years with an option of renewal for another four years. The bank will have about Rs 60 crore over the next five year with a lease rental of Rs 55 per sq. ft. a month.

The initial plan of the bank is to establish a back office hub for its several banking operations across India. In the first phase, it will commence its operation on a 1 lakh sq. ft. of space in just one month.

Apart from this deal, K Raheja is also looking to further develop a total of 7 million sq ft of its mixed-use project Mindspace with a fund of over Rs 2,500 crore in five-six years. This development incorporates building a special economic zone (SEZ), a software technology park and probably, residential projects.

Source: ET Realty

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