ICICI Bank’s Pune lease: ₹30 lakh annual rent, 10% escalation every 3 yrs | Personal Finance
ICICI Bank has taken a fresh 9-year lease for a 3,347 sq ft commercial unit at Farena Corporate Park in Pune’s Hadapsar area, paying a monthly rent of ₹2.5 lakh. The bank already occupies another 2,794 sq ft commercial unit in the same complex under an earlier lease that remains active until 2033, according to property documents accessed by CRE Matrix.
The latest lease, registered on September 17, 2026, is for an office on the first floor of Farena Corporate Park, Mundhawa Road, Hadapsar, Pune, according to the lease-registration details shared by CRE Matrix.
The property is leased by Mrs Farida Pankaj Udhas to ICICI Bank Ltd.
The key terms of the newly registered lease are:
- Carpet area: 3,347 sq ft
- Monthly rent: ₹2.5 lakh
- Rent per sq ft: ₹74.69 per month
- Lease tenure: 9 years
- Lease commencement: September 17, 2026
- Security deposit: ₹10 lakh
- Rent escalation: 10% every three years
- Parking: Four cars and 15 two-wheelers
- Lessor: Mrs Farida Pankaj Udhas
- Lessee: ICICI Bank Ltd
At the starting rent of ₹2.5 lakh a month, the annual rental outgo works out to ₹30 lakh.
The rent is contracted to rise by 10% every three years. On that basis, the monthly rent would rise to approximately ₹2.75 lakh in the fourth year and ₹3.03 lakh in the seventh year, assuming the escalation is applied exactly as specified.
Over the full nine-year period, and assuming only the stated 10% escalations with no other changes, the base rent would amount to roughly ₹2.99 crore.
ICICI already has another office in the same building
The latest lease is notable because it is not ICICI Bank’s first occupation at Farena Corporate Park.
The bank is already leasing a 2,794 sq ft carpet-area commercial unit on the ground floor of the same property from Mrs Farida Pankaj Udhas. That earlier lease remains active until 2033.
That means ICICI Bank’s disclosed leased footprint at Farena Corporate Park, based on these two transactions, comes to approximately 6,141 sq ft of carpet area.
ICICI Bank’s own website confirms that its Pune-Magarpatta City branch is located at Farena Corporate Park, Unit No. 3, Ground Floor, Magarpatta Road, Pune 411013.
Farena Corporate Park is located in the Magarpatta-Hadapsar area of Pune. The complex has an established banking and commercial presence.
