HDFC Bank has entered into a significant lease agreement, securing 4.16 lakh sq ft of office space across an entire eight-floor building in Mindspace Business Parks, Airoli West, Navi Mumbai. The total contractual value of this 10-year lease is estimated to exceed ₹320 crore. This move highlights the bank’s commitment to expanding its operational and technological infrastructure
The deal was finalized through two separate agreements. The first lease deed, registered in November, covers 1.97 lakh sq ft of space, including the lobby and the fifth to eighth floors. It also provides 154 designated car parking spaces. The second agreement adds 2.18 lakh sq ft, encompassing the lobby and the first to fourth floors, with an additional 168 car parking spots. Together, the agreements ensure the bank occupies the entire building, strategically located within the Mindspace Business Park.
Notably, the lease includes a 15% rental escalation clause over the duration of the agreement. HDFC Bank plans to utilize the space primarily for its banking back-office operations, as well as information technology and IT-enabled services, aligning with its focus on technological growth and efficiency.
The leased building forms part of a Special Economic Zone (SEZ) within Mindspace Business Park. Following the government’s amendments to SEZ rules, allowing partial floor-wise denotification, the eight-floor structure has been converted into a non-processing area. This regulatory change enabled Mindspace to reconfigure the building for commercial leasing, paving the way for this landmark deal.
This lease marks a key milestone for both HDFC Bank and Mindspace Business Parks, reflecting the growing demand for large-scale office spaces in Navi Mumbai’s thriving commercial hubs.