IDFC Bank inks mega lease deal for office space in Navi Mumbai

In one of the largest office leasing transactions so far this year, IDFC Bank has picked up an entire office building spread over 1.80 lakh sq ft on lease in K Raheja Corp’s mixed-use development Mindspace in Navi Mumbai’s Juinagar locality, said two persons familiar with the development.

The lease is for five years with the option to renew it for another four years. The bank will be paying lease rental of about Rs 55 per sq ft a month, taking its payout to nearly Rs 60 crore over the next five years.

IDFC Bank will be using the space to set up a back office hub to serve its banking operations across the country. As part of its total space take up, the bank is expected to start its operations in the first phase spread over 1 lakh sq ft in a month’s time.

Read more: The Economic Times