Qatar National Bank renews its BKC office lease at ₹775 per sq ft reaffirming confidence in Mumbai’s prime business hub

By Sana khan -Editor

Qatar National Bank (QNB) has renewed its office lease at Maker Maxity’s 4 North Avenue Tower in Mumbai’s Bandra Kurla Complex (BKC) at a striking rent of ₹775 per sq ft per month, one of the highest commercial leases recorded in India.

The five-year agreement, effective from October 26, covers about 8,079 sq ft of ground-floor space and includes an annual 4.5% rental escalation clause. Documents accessed through Propstack show a security deposit of ₹7.51 crore, with both parties not entitled to terminate the agreement during the 60-month term.

This renewal makes QNB’s deal the second-highest in BKC, right after Tesla’s lease in the same complex, which was signed at ₹881 per sq ft per month.

For context, Grade-A offices in BKC are currently leased at an average of ₹500 per sq ft per month, making QNB’s deal stand out at a significant premium to prevailing market levels.

Industry experts say this transaction is more than just a rental deal — it’s a reflection of corporate confidence.

“The steady demand for prime office spaces, even at elevated rates, shows long-term trust in Mumbai’s position as India’s financial capital,” said one market analyst.

QNB has been occupying this office since 2016 or earlier and has now extended its presence, reaffirming its commitment to one of Mumbai’s most sought-after business addresses.

Real estate analysts note that such renewals by global financial institutions and multinational firms highlight their continued confidence in India’s economy and the resilience of Mumbai’s commercial real estate market.

Despite rising rentals and limited supply, BKC continues to dominate as India’s most expensive office market, ahead of business districts in Delhi-NCR, Bengaluru, Hyderabad, and even other parts of Mumbai.

The renewal also signals a broader trend corporates are willing to pay a premium for long-term stability, visibility, and access to Mumbai’s financial ecosystem.