The National Payments Corporation of India (NPCI) has secured a lease for 1.15 lakh square feet of commercial office space in Mumbai’s Goregaon area for a five-year tenure, with an annual rent of over ₹25 crore. The office space is located on the 27th and 28th floors of Oberoi Commerz III, a property developed by Oberoi Realty in Goregaon East.
The lease agreement was signed on November 6, 2024, with the lease set to commence on February 25, 2025. The monthly rent for the space is ₹2.15 crore, which is ₹187 per square foot. Additionally, the lease agreement includes a 15% rent increase after the first three years of occupancy.
NPCI, an initiative by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA), is responsible for operating retail payments and settlement systems in India under the Payment and Settlement Systems Act of 2007.
In addition to the NPCI lease, Oberoi Commerz III has been the site of other significant rental agreements. In August 2024, global financial services firm Morgan Stanley leased 1 million square feet of office space in the building for nine years, at a starting monthly rent of ₹15.96 crore. Earlier, in July 2024, Nielsen Media and its subsidiary Whats On India Media Pvt Ltd signed a lease for a 1.52 lakh square feet commercial space at the same location for ₹3.87 crore per month over a 10-year term.
The deals at Oberoi Commerz III underscore the building's growing prominence as a prime commercial address in Mumbai’s rapidly expanding business district.
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