NPCI leases office space in Mumbai's Goregaon for an annual rent of over ₹25 crore

Mumbai real estate update: NPCI has leased commercial space on the 27th and 28th floors of Oberoi Commerz III, constructed by Oberoi Realty in Goregaon East

National Payments Corporation of India (NPCI) has leased 80,732 sq ft of commercial office space in Mumbai's Goregaon area for an annual rent of over ₹25 crore for five years, according to the property registration documents accessed by Propstack.com

Mumbai Real Estate: National Payments Corporation of India (NPCI) has leased 80,732 sq ft of commercial office space in Mumbai's Goregaon area for an annual rent of over ₹25 crore. (Picture for representational purposes only) (Pexels)

The commercial space is on the 27th and 28th floor of Oberoi Commerz III, constructed by Oberoi Realty in the Goregaon East area of Mumbai.

The lease agreement was signed on November 6. According to documents, the monthly rent is ₹2.15 crore.

According to the documents, the commercial office space is leased for five years, and the monthly rent will increase by 15% after three years.

The lease tenure starts on February 25, 2025, the documents showed.

NPCI, an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.

An email query has been sent to Oberoi Realty and NPCI. The story will be updated if a response is received.

Other rental deals registered in Commerz III building

The country’s largest property deal was registered in the Commerz III building in August 2024.

Property registration documents accessed through real estate data analytics platform Propstack showed that global financial services giant Morgan Stanley has leased 1 million square feet of office space for over nine years at a starting monthly rental of ₹15.96 crore in the building.

Apart from Morgan Stanley, Nielsen Media and its subsidiary Whats On India Media Pvt Ltd leased a 1.52 sq ft commercial space in Commerze III, International Business Park, Oberoi Gardens, a project by Oberoi Realty, in Mumbai in July 2024 for a starting monthly rent of ₹3.87 crore for 10 years.

According to the leave and license agreement shared by Propstack, in November 2024, Deloitte Shared Services India LLP leased 80,849 sq ft of office space at the Oberoi Commerz III building in Mumbai at a monthly rent of ₹2.09 crore.

This story has been updated