HSBC renews commercial lease in Goregaon East at a rent of Rs 191 per sq ft a month

Hongkong and Shanghai Banking Corporation (HSBC) has renewed its lease in Nesco IT Park in Goregaon East, a Mumbai suburb, at a monthly rent of Rs 191 per sq ft

Hongkong and Shanghai Banking Corporation (HSBC) has renewed its lease in Nesco IT Park in Goregaon East, a Mumbai suburb, at a monthly rent of Rs 191 per sq ft, documents accessed by Propstack showed.

The lease was signed on June 27 between NESCO Limited and HSBC, and the rent translates to Rs 3.4 crore per month, the document showed.

The bank has renewed its lease for three floors in Nesco IT Park Tower 3 in Goregaon East for a total chargeable area of around 1.77 lakh sq ft (usable around 1.42 lakh) along with 178 car parking spaces, the leave and licence agreement showed.

The premises were initially leased in 2013 for five years at a rent of Rs 122.50 per sq ft. The lease was renewed in 2018 at a rent of Rs 152 per sq ft on a chargeable area. This has now been renewed at a rent of Rs 191 per sq ft, the documents showed.

The property is a grade-A commercial property situated in the western suburb of Mumbai.

HSBC declined to comment.

A recent report by property consultants Knight Frank India has shown that office space demand was resilient with 261 lakh sq ft being transacted during the first half of calendar 2023, a growth of 3 percent over the previous year in terms of volume. In fact, the momentum seemed to be increasing toward the end of the period as 148 lakh sq ft was transacted in Q2 2023, the highest quarterly tally since Q1 2021.

In 2021, KPMG Global Services Pvt Ltd leased commercial space in Mumbai for five years at a rent of Rs 37 lakh per month. The consulting firm had leased 24,788 sq ft of space at Nesco IT Park from October 1, 2021, to September 31, 2026. According to the documents, the rent-free period of four months was from October 1, 2021, to February 1, 2022. The lock-in period is for three years, the documents showed. The company had leased the 13th floor, Central B Wing at NESCO IT. The leave and licence agreement was registered on October 29, 2021.