ICICI Bank Signs Landmark 9-Year Lease for 130,000 sq ft in Navi Mumbai

Navi Mumbai: ICICI Bank has acquired over 130,000 square feet of office space across four floors in a premium commercial tower in Navi Mumbai’s Turbhe locality. This long-term lease agreement marks a significant move by the bank to strengthen its operations in a rapidly growing business district.

Details of the Lease Agreement

The bank has inked four separate agreements with Arihant Paradise Realty, a subsidiary of Arihant Superstructures, for each floor. Each floor spans 32,284 square feet of chargeable area.

Financial Commitment and Rental Terms

ICICI Bank has committed to a monthly rental rate of ₹58 per square foot, translating to an annual rent of approximately ₹9 crore. The lease agreement includes a 14% rental escalation every three years and a lock-in period of 18 months. A security deposit equivalent to six months’ rent has already been paid.

Lease Commencement and Future Projections

The lease commenced on December 15, signaling the bank's intent to leverage Navi Mumbai's strategic location for operational efficiency. This move aligns with the region's growing reputation as a hub for commercial and corporate activities.