Office tenants renegotiate rental deals downwards in Mumbai

But Bengaluru and Hyderabad are seeing a different trend, given limited supply in these cities

Late last month, Germany-based Deutsche Bank renegotiated the lease rental for its corporate office of 90,000 sq ft at The Capital, a premium commercial building at the Bandra-Kurla Complex (BKC) in Mumbai.

It did so by 15 per cent, from a monthly Rs 306 a sq ft to Rs 265 a sq ft. Its earlier agreement started in the year 2012 at Rs 278 per sq ft per month, with a lock-in period until March 2018, the annual escalation being 10 per cent till it reached Rs 306 a sq ft. And, the lock-in period had been extended until March