Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The University of York, a UK-based institution, has agreed a commercial office lease for 37,602 sq ft in One Boulevard, Powai, Mumbai, under a contract valued at nearly INR 50 crore over a five-year term, according to property registration documents. The premises, situated on the third and fourth floors of the building owned by Kairos Properties Pvt Ltd, include 27 dedicated parking spaces, with additional slots available at a monthly fee. The lease commenced in early December 2025 and carries an annual rent escalation clause of 5%, with the monthly rent starting at INR 75.20 lakh and rising incrementally each year. The agreement incorporates a three-year lock-in period and provided the tenant with one month's rent free at the outset. Security deposits vary between the initial and latter years of the tenure, reflecting standard commercial leasing practice in Mumbai's office market.
The University of York, headquartered in the United Kingdom, has entered into a five-year lease for a substantial office space in the One Boulevard commercial complex in Powai, Mumbai, under terms approaching INR 50 crore in aggregate rental commitment, based on property registration filings. The transaction, documented through Propstack records, underscores continuing demand from global institutional occupiers for quality Grade-A office space in one of Mumbai's most dynamic business districts. Advertisement
The leased area covers 37,602 sq ft across the third and fourth floors of the building held by Kairos Properties Pvt Ltd, an affiliate of Brookfield. The lease commenced in early December 2025, running until late November 2030, and includes an initial rent-free month as part of the agreement. Under the terms, the starting monthly rent is INR 75.20 lakh, with a structured annual escalation of 5%. This adjustment raises the monthly rental to INR 78.96 lakh in the second year, INR 82.91 lakh in the third, INR 87.05 lakh in the fourth and INR 91.41 lakh in the fifth year.
A three-year lock-in period is incorporated into the lease, reflecting standard commercial leasing practice for long-term commitments in India's major office markets. Security deposits are set at INR 4.51 crore for the first three years and increase to INR 5.18 crore for the final two years of the tenure. Stamp duty exceeding INR 14 lakh and a nominal registration fee were paid at the time of documentation.
The agreement also includes 27 designated parking slots, with additional parking available at a monthly charge of INR 8,500 per vehicle. These provisions are increasingly significant in Powai's office districts, where space constraints and high occupier demand place a premium on ancillary amenities.
The University of York's lease continues the trend of international and domestic enterprises securing large-format offices in Mumbai's decentralised commercial hubs. Recent industry data indicates that leasing activity across India's major cities, including Mumbai, has shown robust growth, supported by global firms and varied occupier profiles expanding their physical footprints.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
