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Protean eGov Technologies has secured a lease for 68,021 sq ft of office space at One International Center in Lower Parel, Mumbai. The lease, facilitated by Colliers India, spans five years at a monthly rental rate of INR 185 per sq ft. The company aims to establish an innovative workspace aligned with its mission of digital governance. The commercial real estate sector continues to thrive, with Mumbai witnessing a fourfold increase in Global Capability Centres (GCCs) uptake in 2024. Additionally, recent large-scale office space transactions, including those by NPCI and HDFC Bank, indicate strong demand in Mumbai.
Protean eGov Technologies, a provider of Digital Public Infrastructure (DPI) services, has secured a lease for 68,021 sq ft of office space in Mumbai's Lower Parel, as confirmed by Colliers India, which facilitated the transaction. The office is located in One International Centre, a part of the Nucleus Office Parks portfolio, a prominent business hub in Mumbai. The agreed rental rate is INR 185 per sq ft per month. Advertisement
Previously known as Indiabulls Finance Centre, One International Centre is a distinguished commercial complex in Lower Parel, Mumbai. Spanning approximately 7.8 acres, the development comprises three towers with a total built-up area of around 1.5 million square feet. Tower 1, for instance, offers approximately 475,000 square feet across 20 floors, with each floor covering about 25,000 square feet. The complex boasts several amenities, including managed office spaces, food courts, fitness centres, and ample parking facilities, catering to the diverse needs of its occupants.
Strategically positioned along Senapati Bapat Marg, the complex offers excellent connectivity to key financial districts such as Nariman Point and Bandra-Kurla Complex (BKC). It is well-served by public transportation, being in close proximity to Elphinstone and Parel railway stations, thus enhancing accessibility for commuters. The centre accommodates a diverse tenant mix, including multinational corporations such as Mondelez, Yes Bank, and Deloitte.
Lower Parel has evolved significantly from its industrial past into one of Mumbai's most prominent commercial hubs. Once dominated by textile mills, the area has undergone extensive redevelopment, replacing mills with high-end office buildings, luxury residential towers, and grand shopping centres. Its central location, approximately 9.5 kilometres from South Mumbai, strategically positions it between key areas such as Worli and Sewri. This prime positioning has attracted numerous corporate offices, including those of multinational companies, making it a vibrant centre of business activity.
The demand for office space in Mumbai remains robust, as evidenced by recent transactions. The National Payments Corporation of India (NPCI) recently leased 80,732 sq ft of office space in Goregaon for a five-year term, with an annual rent exceeding INR 25 crore. The space, situated on the 27th and 28th floors of Oberoi Commerz III, was leased under an agreement signed in late 2024, commanding a monthly rent of INR 2.15 crore.
Additionally, HDFC Bank secured a lease for a 2.72 lakh sq ft commercial space in Andheri for a decade, with an annual rent surpassing INR 77 crore. The premises, located in R Square, developed by Runwal Realty subsidiary Histyle Retail Pvt Ltd, commands a monthly rent of INR 6.45 crore.
A recent report by FICCI and Colliers India projects that the commercial real estate market will expand to 65-70 million sq ft in 2025. Global Capability Centres (GCCs) have emerged as a major driver of demand, with Mumbai witnessing a fourfold increase in GCC uptake in 2024 compared to the previous year.
India's office property market reached a new peak in 2024, marking its third consecutive year of record leasing, driven by multinational demand for GCCs and flexible workspaces. The top six cities recorded a total leasing activity of 66.4 million sq ft, reflecting a 14% year-on-year increase. Bengaluru led the Grade A office space demand, achieving its highest-ever leasing volume of 21.7 million sq ft, reflecting a 40% surge. Hyderabad and Mumbai recorded 12.5 million sq ft and 10.0 million sq ft, respectively, marking their highest annual office space demand to date. Delhi-NCR also demonstrated strong uptake, with Grade A demand approaching the 10 million sq ft mark.
The trend suggests sustained growth in the coming years, reinforcing the sector's robust performance in the face of evolving business needs.
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