Yes Bank leases 44,000 sq ft office space in suburban Mumbai

The space is spread across the 12th floor in the north wing and 11th floor in the south wing of the property, which is located at Cama Industrial Estate in Goregaon East.

The lease tenure is for 60 months, beginning 22 September, with a lock-in period of 18 months, according to documents accessed by CRE Matrix, a real estate data analytics firm. The lease deed was registered on 16 August. 

Yes Bank has paid around ₹3.07 crore as security deposit

Executives of Romell Group didn’t respond to emailed queries on the deal.

“Goregaon East seems to be fast developing as a financial mini-hub after BKC, with the likes of JP Morgan, Deutsche Bank, KPMG, PWC, Morgan Stanley, EY & now Yes Bank setting up their offices here. Due to the connectivity to the airport, highway, metro, railway lines and a number of business hotels, it has become a preferred location of corporates,” said Abhishek Kiran Gupta, CEO, CRE Matrix.

“This deal assumes significance as Yes Bank recently moved their head office from Lower Parel to Santacruz, and now seems to be looking further north. We foresee a significant rise in large commercial office deals being signed up, thanks to steady economic recovery, gradual return to work-from-office policy, strong job market,” Gupta added.

In December 2020, Max group’s realty arm Max Estates had leased 62,500 sq ft of office space to Yes Bank in its commercial project in Noida.

According to a July note by Crisil Research, net leasing of 23-28 million sq ft of commercial space is likely across India’s top six cities this fiscal, largely driven by return to office as the covid-19 pandemic wanes, increased hiring in key sectors, and expectation of healthy economic growth.

Annual leasing activity will, however, remain below pre-pandemic levels of 35-40 million sq ft due to lingering caution and hybrid work models.

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