BNP Paribas leases 1.45 lakh sq ft office space in Thane for ₹95 lakh

BNP Paribas has leased 1.45 lakh sq ft at Hiranandani Centaurus in Thane West for Rs 94.95 lakh monthly rent as BFSI sector demand drives office leasing growth in India

BNP Paribas has leased 1.45 lakh square feet of office space at Hiranandani Centaurus in Thane West, part of the Mumbai Metropolitan Region (MMR), at a monthly rent of Rs 94.95 lakh.

 

According to lease registration documents accessed via Propstack, a real estate data analytics firm, the French multinational financial services company has leased two floors in the building, covering a carpet area of 99,831 square feet.

 

The monthly rent of Rs 94.95 lakh translates into Rs 65 per square foot. The rent will escalate at 4.75 per cent every year.

 

The lease started on July 10, 2025, though rent payments will commence on April 10, 2026. BNP Paribas has taken the space for five years and has paid a deposit of Rs 8.5 crore.

 

The lease document states that BNP Paribas will use the premises for office operations relating to information technology (IT) and IT-enabled services. 

 

In March 2025, BNP Paribas leased 3,497 square feet of office space in Mumbai’s Bandra Kurla Complex (BKC), India’s costliest office market, at a record rent of Rs 811 per square foot per month (Rs 28.36 lakh monthly). The BKC space was also leased for five years, with an annual rent escalation of 5 per cent.

 

The banking, financial services and insurance (BFSI) sector has witnessed strong demand for office space, emerging as the second-largest occupier in India after the IT/ITeS sector. According to JLL India, the BFSI sector is on a robust growth trajectory, driven by rapid technological adoption, availability of talent and evolving market dynamics.

 

The sector’s share of India’s overall gross office leasing has risen from an average of 11 per cent during 2017–2019 to 17–18 per cent in recent years.

 

Until the third quarter of 2024, BFSI leasing accounted for 16.4 per cent of the 53.4 million square feet of total gross office leasing across the top seven cities. Global players have led this expansion, contributing more than 65 per cent of BFSI leasing activity in India. On average, international firms have accounted for two-thirds of all office space leased by the sector over the past six years.