Bank of America India Leases ₹236 Cr Office Space in Mumbai

• BA Continuum India leases 1.11 lakh sq ft in Powai

• Total rental commitment exceeds ₹236 crore

• Long-term lease reinforces India’s office market strength

Mumbai: India’s commercial real estate market has received another vote of confidence with BA Continuum India, the captive services arm of Bank of America, finalising a large long-term office lease in Mumbai. The company has secured over 1.11 lakh square feet of Grade A office space in Powai, one of the city’s most sought-after commercial micro-markets.

The office space is located within a newly developed commercial tower by Chalet Hotels, signalling continued demand for high-quality workplaces from global financial and technology-driven organisations. The transaction underlines the growing preference among multinational corporations to commit to India for long-term operations despite ongoing global economic uncertainty.

₹236 Crore Long-Term Lease Commitment

As per market sources, the lease spans approximately 10 years and nine months, with the total rental outflow estimated at over ₹236 crore during the tenure. Monthly rentals begin at around ₹1.43 crore, translating to nearly ₹129 per square foot. The agreement includes a structured rental escalation of 15%, scheduled to take effect from October 1, 2027, and recurring every three years thereafter.

In addition to rent, the deal involves a security deposit of ₹8.59 crore and access to 112 dedicated car parking slots, a key consideration in Mumbai’s congested office landscape. Common area maintenance charges have been fixed at ₹20 per square foot per month, while the lock-in period stands at three years, reflecting a firm long-term commitment.

Powai Emerges as a Preferred Office Destination

Powai has steadily evolved into a prime suburban office hub in Mumbai, attracting global capability centres, IT firms, and financial services companies. Its appeal lies in a combination of Grade A office developments, proximity to residential neighbourhoods, and strong road connectivity to key business districts and airports.

The locality’s ability to offer integrated work environments, supported by modern infrastructure and lifestyle amenities, has helped it stand out among Mumbai’s competitive office markets. The latest lease further strengthens Powai’s reputation as a preferred destination for multinational occupiers seeking premium workspaces outside traditional central business districts.

Strong Signal for India’s Office Market

Industry experts view this transaction as a positive signal for India’s commercial real estate outlook. Office leasing across major Indian cities has remained resilient, with global firms accounting for a substantial share of demand. Financial services, technology, and global capability centres continue to drive absorption, favouring long-term leases in well-located, high-quality assets.

The move by Bank of America’s India arm highlights India’s role as a strategic operational hub, supported by talent availability, cost efficiency, and improving urban infrastructure. Even as companies globally reassess workplace strategies, India continues to attract sustained interest for large-format office investments.

Outlook

With marquee global occupiers committing to long-duration leases, India’s office market appears well-positioned for steady growth. Transactions such as this not only reinforce Mumbai’s standing as a financial powerhouse but also underline the broader confidence multinational corporations place in India’s economic and real estate fundamentals.