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BofA subsidiary leases office space in Powai for monthly rent of ₹1.43 cr

According to the lease-related documents accessed via CRE Matrix, a real estate data analytics firm, BA Continuum India has leased the space for 10 years and nine months

2 min read Last Updated : Jan 13 2026 | 11:09 PM IST

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BA Continuum India Private Limited — a non-banking subsidiary of Bank of America — has leased about 1.11 lakh square feet of office space in Mumbai’s Powai for a monthly rent of Rs 1.43 crore (translating into a monthly rent of Rs 129 per square foot).

According to the lease-related documents accessed via CRE Matrix, a real estate data analytics firm, BA Continuum India has leased the space for 10 years and nine months.

The lease agreement provides for a rental escalation of 15 per cent, with the first increase effective from October 1, 2027, followed by similar escalations at the end of every subsequent three-year period, each calculated based on the last paid rent, for the remainder of the lease term.

The space is located across floors 22 and 23 of Cignus — a grade A commercial complex in Powai situated on a 15-acre land parcel and part of Mumbai-based real estate conglomerate K Raheja Corp’s hospitality arm, Chalet Hotels’ portfolio.

BA Continuum India has also paid a security deposit of Rs 8.59 crore and will get 112 car parking spaces as part of the agreement. The lease agreement was registered on December 24, 2025. The lease and rent commenced on January 1, 2026.

The transaction can be viewed in the context of an upcycle in India’s office market. Market activity has consistently scaled new highs since 2023, underscoring the strong growth momentum of India’s office market. Leasing volumes touched a fresh peak in 2025 (83.3 million square feet, up 7.8 per cent year-on-year), with multinational corporations accounting for a dominant share of transactions, according to JLL.

Despite global uncertainties, the sustained participation of overseas firms reaffirmed India’s standing as a strategic business hub supported by long-term structural tailwinds. The cities of Bengaluru, Hyderabad, Pune and Mumbai recorded their best-ever year in gross leasing terms, showcasing broad-based and secular demand across multiple industry segments.