Global banking and financial services group Bank of America's captive services arm BA Continuum India has picked up over 1.11 lakh sq ft office space at Chalet Hotels commercial tower in Mumbai's Powai area through a long-term lease spanning over nearly 11 years with a total rental payout commitment of over Rs 236 crore.
The lease covering commercial space across two floors of the tower carries a stepped escalation clause, under which the rent will increase by 15% over the last paid rent on October 1, 2027, and thereafter by 15% every three years.
As per the agreement, BA Continuum will pay a starting monthly rent of Rs 1.43 crore, translating to about Rs 129 per sq ft for a chargeable area of 1,11,023 sq ft. In addition to base rentals, the tenant will bear common area maintenance charges of Rs 20 per sq ft per month.
The transaction includes a security deposit of Rs 8.59 crore and provides for 112 car parking slots. The lock-in period under the lease is three years, shows documents accessed through CRE Matrix, a realty data analytics platform.
Based on the escalation structure, the total rental outgo over the full lease tenure is estimated at over Rs 236 crore, excluding common area maintenance charges. The lease, registered on December 24, has a tenure of 10 years and nine months, with both lease and rent commencement scheduled from January 1.
Bank of America declined to comment for the story, while ET’s email query to K Raheja Corp-backed Chalet Hotels remained unanswered.
Commercial property market activity across India’s key cities has continued to create successive new peaks since 2023, serving as a strong indicator of the unmatched growth momentum exhibited by India's office market.
According to JLL India, the year 2025 established yet another new record with 83.3 million sq. ft of gross leasing volumes for the full year. With global firms accounting for a robust 58.4% share, India's position as a strategic business hub offering genuine structural tailwinds was reaffirmed during a period marked by global uncertainties.
Powai has emerged as a key suburban office market in Mumbai, benefiting from proximity to residential catchments, availability of Grade A office buildings and connectivity to the eastern and western suburbs as well as the international airport. The micro-market has continued to attract global capability centres, technology firms and financial services companies, even as new supply remains constrained.
The lease covering commercial space across two floors of the tower carries a stepped escalation clause, under which the rent will increase by 15% over the last paid rent on October 1, 2027, and thereafter by 15% every three years.
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As per the agreement, BA Continuum will pay a starting monthly rent of Rs 1.43 crore, translating to about Rs 129 per sq ft for a chargeable area of 1,11,023 sq ft. In addition to base rentals, the tenant will bear common area maintenance charges of Rs 20 per sq ft per month.
The transaction includes a security deposit of Rs 8.59 crore and provides for 112 car parking slots. The lock-in period under the lease is three years, shows documents accessed through CRE Matrix, a realty data analytics platform.
Based on the escalation structure, the total rental outgo over the full lease tenure is estimated at over Rs 236 crore, excluding common area maintenance charges. The lease, registered on December 24, has a tenure of 10 years and nine months, with both lease and rent commencement scheduled from January 1.
Bank of America declined to comment for the story, while ET’s email query to K Raheja Corp-backed Chalet Hotels remained unanswered.
Commercial property market activity across India’s key cities has continued to create successive new peaks since 2023, serving as a strong indicator of the unmatched growth momentum exhibited by India's office market.
According to JLL India, the year 2025 established yet another new record with 83.3 million sq. ft of gross leasing volumes for the full year. With global firms accounting for a robust 58.4% share, India's position as a strategic business hub offering genuine structural tailwinds was reaffirmed during a period marked by global uncertainties.
Powai has emerged as a key suburban office market in Mumbai, benefiting from proximity to residential catchments, availability of Grade A office buildings and connectivity to the eastern and western suburbs as well as the international airport. The micro-market has continued to attract global capability centres, technology firms and financial services companies, even as new supply remains constrained.
