By Arosh John, Founder, John Real Estate (MahaRERA Reg. No. A51700001835) | Editor-in-Chief, Thane Real Estate News (TREN)
Mumbai | 14 January 2026
BA Continuum India Pvt Ltd—Bank of America’s India captive services arm—has executed a long-duration office leasing transaction for approximately 1.11 lakh sq ft at Cignus (Chalet Hotels’ commercial tower) in Powai–Passpoli. In a market that often over-indexes on quarterly absorption charts, an 11-year commitment reads differently: it is not a “space requirement” being met; it is a location being institutionalised.
Based on publicly available registration-linked reporting, the lease runs for nearly 11 years, with an estimated rental outlay of ₹236+ crore over the term.
Transaction Snapshot (Reported)
- Tenant: BA Continuum India Pvt Ltd (Bank of America’s captive services arm)
- Asset / Micro-market: Cignus, Powai–Passpoli, Mumbai (Chalet Hotels’ commercial tower)
- Chargeable Area: 1,11,023 sq ft
- Configuration: Two floors (reported as 22nd and 23rd)
- Tenure: 11 years (reported as “nearly 11 years”)
- Starting Rent: ₹1.43 crore/month (reported)
- Indicative Starting Rent Rate: ₹129/sq ft/month (on chargeable area)
- CAM (Reported): ₹20/sq ft/month
- Registration Timing (Reported): 24 December 2025
- Total Rental Commitment: ₹236+ crore (reported)
Why This Lease Reads Like a Strategy, Not a Requirement
When a global institution signs for 11 years, it is making a statement about operational permanence. Long tenures are negotiated, justified, and approved through layers of internal scrutiny—risk, security, compliance, infrastructure, and continuity. That is precisely why they matter: the lease is not only a real estate decision; it is an operating model decision.
In that context, Powai is increasingly behaving like a market that can absorb serious occupiers without compromising the fundamentals.
Powai’s GCC Story Is Becoming Contract-Backed, Not Narrative-Driven
Powai and its adjacent office spine—extending towards Kanjurmarg and the Eastern Express Highway—has been discussed for years as a “strong option.” Transactions like this shift the language from optionality to commitment.
The logic is familiar to anyone who tracks occupier behaviour:
- Talent access across central and eastern catchments
- Mature Grade-A supply that supports compliance-led fit-outs
- Multi-directional connectivity that reduces operational friction for large teams
That mix matters more to captive arms and GCCs than brochure-grade location claims. The outcome is visible in lease structures: longer terms, larger footprints, and buildings that can carry institutional requirements without excuses.
A Clean Benchmark for Office Investors Tracking Yields
For commercial investors, this transaction is useful because it puts real numbers against what is often discussed vaguely:
- Tenure indicates conviction and stability
- Starting rent indicates where institutional budgets are comfortable beginning
- CAM visibility helps model true occupancy cost beyond base rent
In short, it is a measurable reference point for anyone evaluating Mumbai office cash flows—particularly in micro-markets where “demand” is frequently asserted but rarely proven through long-horizon commitments.
The Signal in Plain Terms: Powai Is Being “Built Around,” Not “Used”
This is the more important reading. Occupiers do not take on nearly 11 years of exposure unless they intend to organise teams, processes, and long-term headcount around the location. That is how hubs form—quietly, contract by contract, floor by floor—until the ecosystem becomes self-reinforcing.
Powai is no longer chasing the headline market. It is behaving like one.
Also READ: Brookfield to Build Asia’s Largest GCC in Powai, Mumbai by 2029; $1 Billion Investment Announced
Also READ: J.P. Morgan Leases 2.72 Lakh Sq Ft in Powai — A ₹600+ Crore, 5-Year Office Commitment via COWRKS
About the Author
Arosh John is the Founder of John Real Estate (MahaRERA Reg. No. A51700001835) and Editor-in-Chief of Thane Real Estate News (TREN). With over a decade of on-ground advisory across Thane’s residential, luxury, resale, and investment segments, he is widely recognised for decoding how infrastructure, policy, and micro-market behaviour translate into real pricing and real returns. His work focuses on transaction-led market intelligence—separating sentiment from signals—so end-users and investors can make decisions with clarity.
Disclaimer
This article is based on publicly reported information and registration-linked reporting available in the public domain. Figures such as area, tenure, rentals, and total commitment are presented as reported and may vary with final documentation, incentives, fit-out arrangements, escalation structures, or subsequent amendments. This is not investment advice. Readers should independently verify transaction details and consult qualified professionals before making financial or property decisions.
