Rents have increased significantly across the country in recent times. It is needless to say how high they are, especially in the major cities of the country. Rental rates are hitting record lows as property owners increase rents in a bid to compete. Rents for office spaces are also high. Needless to say, about prime locations. But you will be shocked to know a banking firm is paying Rs. 2 crore towards rent for an office space in Mumbai.
British banking firm Barclays Bank and Barclays Investment and Loans Private Limited have rented office space separately. The firm and Raheja have signed an agreement where the bank has to pay Rs 2.07 crore per month for a 64,995-square-foot office in the Altimus building in Worli, Mumbai. That means the rent per square foot is Rs. 320. Six months of rent will be paid under a security deposit. It is reported that the lease agreement has been signed for a period of five years. After that, it seems that an agreement was made to extend it for another five years. The rent will increase by 4.5 percent annually. Also, 51 parking spaces are available for this bank, which will start its operations on July 1, 2024.
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