Qatar National Bank (QNB) has renewed its office lease at Maker Maxity 4 North Avenue, located in Bandra Kurla Complex (BKC), Mumbai, at a record-breaking rent of ₹775 per sq ft per month. The deal highlights the continued strength of Mumbai’s premium commercial real estate market and the sustained demand for Grade-A office spaces in India’s financial capital.
According to reports, the renewed lease covers approximately 8,079 sq ft on the ground floor of the Maker Maxity building. The agreement has been signed for a five-year tenure with an annual rent escalation of 4.5%, and includes a security deposit of around ₹7.51 crore. Both parties have agreed to a lock-in period of 60 months, ensuring long-term occupancy stability.
This transaction marks one of the highest rental rates recorded in India’s commercial market, underscoring BKC’s position as the country’s most expensive business district. Comparable Grade-A office spaces in BKC currently average around ₹500 per sq ft per month, making QNB’s lease renewal a significant outlier.
Experts note that BKC continues to attract leading global banks, financial institutions, and multinational corporations due to its superior infrastructure, connectivity, and prestige. The complex has consistently outperformed other business hubs in Delhi-NCR, Bengaluru, and Hyderabad, reflecting Mumbai’s dominance as a prime office destination.
In recent years, the limited supply of high-quality office space in BKC has driven rents upward, as companies compete for strategically located, brand-enhancing properties. The QNB lease renewal is expected to further strengthen investor confidence and validate the demand resilience of top-tier commercial spaces.
With sustained occupier interest and steady economic growth, Mumbai’s commercial real estate market is likely to maintain its upward momentum in the coming quarters, particularly in micro-markets like BKC that offer premium-grade office environments.
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Yash Paul is a real estate journalist and researcher based in Bangalore. He tracks emerging property hotspots and major developer announcements. Yash is dedicated to providing transparent, factual reporting on the region's rapidly evolving housing and commercial landscape.
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