by Deepak Sawant 
Qatar National Bank BKC lease renewal its prime office space in Mumbai’s Bandra Kurla Complex (BKC) for five years at a premium ₹63 lakh monthly rent. Explore the deal’s details, BKC’s appeal, and India’s surging office rental trends.
Introduction: A Vote of Confidence in Mumbai’s Booming Commercial Scene
In a strong indication of Mumbai’s continuing attraction as India’s financial capital, Qatar National Bank (QNB) has signed a lease renewal for its office in the Bandra Kurla Complex (BKC) area of the city. The lease renewal with Qatar National Bank covers a total office space of 8,079 square feet for 5 years at ₹63 Lakh per month starting in October 2026, following on from the office space’s recent re-occupation. This announcement comes amid a national resurgence in office rent, showcasing the fact global banks have faith in the “India growth story.”
Qatar National Bank’s lease renewal was announced just days ago on October 29th, 2025, which reinforces BKC’s position as the highest price commercial district in the country. Only 5 years ago, the office rent was ₹775 per square foot per month. Qatar National Bank’s commitment to its office space demonstrates the overall trend of limited, top-tier new office supply on the market paired with a rising level of increased demand by MNCs to lease this same limited supply. If you are flipping through this for the first time or following Mumbai real estate in general, or you are just curious really about how global players in the marketplace are either committing or doubling down on their presence in India, this is the story for you.
Key Details of the Qatar National Bank BKC Lease Renewal
LLet’s outline the key highlights of this major agreement and show clearly why it’s making waves across the property sector.
Space and Location: QNB will continue to occupy its ground-floor office at 4 North Avenue, Maker Maxity in BKC. At 8,079 sq ft, it is an ample square footage for banking operations and comes with 10 dedicated car parking spaces.
Tenure and Lock-In: The five-year term is from October 26, 2026 to October 25, 2031, with a full lock-in period meaning that there’s no possibility of early termination. This long-term commitment also demonstrates QNB’s long-term vision for India.
Rent Structure: Monthly rent starts at ₹62.6 lakh (rounded to ₹63 lakh), equivalent to ₹775 per sq ft. Rent will increase 4.5% per annum to account for inflation and market fluctuations. To put that into perspective, that’s a jumbo increase from the ₹381 per sq ft rate QNB agreed in 2016 and ₹438 per sq ft in 2020.
Security and Landlord: A huge ₹7.51 crore security deposit has been handed over to Agni Commex LLP as landlord, and the lease has been registered without delay, indicating smooth negotiations.
This is not just a deal on paper but defines a standard. Experts, like Raja Seetharaman from Propstack called this deal “a huge stamp of support for prime commercial real estate in Mumbai.” Compared to other recent BKC deals, like BNP Paribas’ ₹811 per sq ft lease or JP Morgan’s ₹595 per sq ft, QNB’s rate ranks among the top, second only to Tesla’s whopping ₹881 per sq ft in the same complex.
Why BKC Stands Out as Mumbai’s Unrivaled Business Magnet
Why is BKC worth the extra premium? Simply put, it’s Mumbai’s Silicon Valley for Finance and Technology.
BKC was conceived as a business district in the 1970s, and it is now home to over 3,000 companies. Think of it as Google, Amazon, and Netflix sharing space with the Reserve Bank of India, the US Consulate, and the National Stock Exchange. A direct metro line, proximity to Chhatrapati Shivaji Maharaj International Airport (only 5 kilometers away), and a more “environment-friendly urban form” make BKC an everyday dream for more than 200,000 professionals.
The demand is great, and the supply is tight: Only 10-15% of all new Grade -A offices come to there market a year, and rents keep rising. This is clear from BKC’s rental costs being 20-30% higher than other Mumbai micro-markets like Lower Parel or Andheri. For banks such as Qatar National Bank (QNB), which opened their first India office in 2012, and now serves High Net Worth clients, there is no better visibility and stability than BKC. This is why Mumbai is India’s most expensive office market, followed by Delhi NCR and Bengaluru.
Riding the Wave: Office Rents Surge 6% Across India’s Top Cities, Mumbai Leads the Charge
QNB’s renewal isn’t happening in a vacuum—it’s part of a nationwide boom in office rentals. Fresh data shows a 6% year-on-year hike across India’s seven major cities, with Mumbai and Delhi-NCR at the forefront.
| City | Avg. Rent Increase (YoY) | Key Driver |
|---|---|---|
| Mumbai | 8-10% | Premium demand in BKC and Worli |
| Delhi-NCR | 7-9% | IT and finance hubs in Gurgaon |
| Bengaluru | 5-6% | Tech expansions by global firms |
| Hyderabad | 4-5% | Pharma and IT growth |
| Pune | 4% | Affordable alternatives to Mumbai |
| Chennai | 3-4% | Manufacturing shift |
| Kolkata | 2-3% | Steady but slower recovery |
Mumbai taking the lead? Thanks (or blame) 15 million sq. ft. of fresh office take-up in 2025 entirely off the back of companies resuming a hybrid work policy and internationalising investment. Right on Mumbai, Delhi-NCR is also upgrading its infrastructure. Then, as a country, vacancy rates are down to 12%, the lowest in years, as businesses are grabbing space quickly in the⏤ post COVID-19.
This is a positive sign for investors as commercial real estate is yielding 7-9% returns, higher than many equities. This is a positive sign for firms such as QNB, as they will be trying to secure spaces for themselves now for when it is too late.
What This Means for Global Banks Eyeing India
For global players, QNB has provided an initial overview of what could be a model for success. India’s economy is expected to reach $5 trillion by 2027, creating interest from banks all across the Middle East, Europe, and beyond. QNB, which has established branches in Delhi and Chennai, is using the BKC platform to progress with the NRI (non-resident Indian) and corporate objectives.
Challenges on the horizon here? As costs for office space continue to escalate, it could put pressure on margins, but provisions such as tax expemptions in special economic zones (SEZ), the digital banking boom and more, will offset that trend. Moving forward, you can expect further renewals and expansions; for instance, BKC alone has an estimated 2 million square feet of supply coming online, other factors will drive demand higher than supply.
Final Thoughts: Mumbai’s Real Estate Story Keeps Getting Bigger
The lease renewal for the Qatar National Bank in BKC at ₹63 lakh in monthly rent is not merely a lease renewal, it is a snapshot of India’s unstoppable commercial momentum. As office rents rise and the infrastructure at BKC continues to rise, global companies are making bets on the future of Mumbai.
Watch for more news on Mumbai real estate trends. What is your opinion—are BKC rents soon going to hit ₹1,000 per sq ft? Let us know in the comments!
Published: November 8, 2025 | Category: Real Estate News
