Qatar National Bank has renewed its office lease at Maker Maxity’s 4 North Avenue tower in Bandra Kurla Complex (BKC), agreeing to a monthly rental rate of Rs 775 per sq ft. This makes it one of the highest commercial lease rates in India.
The renewal covers the ground floor space of 8,079 sq ft and will commence on October 26. This five-year lease includes a clause for a 4.5% rental increase each year.
The agreement prohibits either party from terminating the lease during the 60-month term and involves a security deposit of Rs 7.51 crore, according to documents from Propstack, a realty data analytics firm.
This transaction ranks as the second highest rental deal in Mumbai after Tesla’s recent lease in the same complex, which stands at Rs 881 per sq ft. This highlights the continued premium demand for grade-A office space in BKC.
On a national scale, Tesla’s deal is the most expensive, while Qatar National Bank’s lease is recognized as the fourth highest.
Having occupied the same location since 2016, Qatar National Bank is extending its presence in this prestigious business district.
Efforts to reach Qatar National Bank via email went unanswered at the time of publication.
Averaging Rs 500 per sq ft for grade-A offices in BKC, this deal significantly exceeds current market rates, reflecting the ongoing demand from long-term tenants that value stability and brand presence in prime areas.
The transaction reinforces BKC’s reputation as India’s most costly office market, outpacing other major business districts in Delhi-NCR, Bengaluru, and Hyderabad.
Experts suggest that such lease renewals and new deals by multinational financial firms demonstrate a sustained confidence in the Indian economy. Despite rising rental costs, the steady demand for premium office spaces indicates ongoing interest and long-term commitment to India’s financial hub. With limited supply and high barriers to entry, key business areas are likely to retain their premium rental status due to demand from banks, global companies, and professional service firms.
