Under the terms of two separate agreements signed with the landlord, Mindspace Business Parks REIT, the bank will pay over Rs 3.20 billion in rentals, with a 15 per cent escalation every three years. This marks one of the largest office lease deals concluded this year.

The newly leased office, comprising a basement, ground floor, and eight upper floors, is expected to play a pivotal role in HDFC Bank's operations, supporting its expansion and efficiency goals. Previously, the bank operated from a few floors in another building within the same complex.

According to one agreement registered on November 13, the lease will commence on January 1, with HDFC Bank paying a security deposit of Rs 50.81 million, equivalent to six months' rent. This information was derived from documents obtained via realty data analytics firm Propstack.

Mindspace Business Parks REIT, backed by K Raheja Corp, has received government approval to convert the building into a non-processing area. This follows an amendment to the SEZ Rules, 2006, allowing partial and floor-wise denotification of special economic zones.

Other key occupants in Mindspace Airoli West include Dow, Accenture, IDFC, Princeton Digital, and Technimont.

In a related development, HDFC Bank has initiated the sale of non-core real estate assets in key urban locations as part of its post-merger integration with HDFC. This strategic move aims to streamline the bank's property portfolio and generate additional liquidity to bolster its strong financial position.