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Office tenants renegotiate rental deals downwards in Mumbai

But Bengaluru and Hyderabad are seeing a different trend, given limited supply in these cities

Raghavendra Kamath  |  Mumbai 

Late last month, Germany-based Deutsche Bank renegotiated the lease rental for its corporate office of 90,000 sq ft at The Capital, a premium commercial building at the Bandra-Kurla Complex (BKC) in Mumbai. It did so by 15 per cent, from a monthly Rs 306 a sq ft to Rs 265 a sq ft.

Its earlier agreement started in the year 2012 at Rs 278 per sq ft per month, with a lock-in period until March 2018, the annual escalation being 10 per cent till it reached Rs 306 a sq ft. And, the lock-in period had been extended until March 2022, sources said. "The average rent of a Grade-A ...

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First Published: Mon, April 17 2017. 01:20 IST