DCB Bank buys 15,464 sq ft office space in Mumbai's Lower ParelPrivate sector bank DCB Bank has bought a 15,464 sq ft office space in Peninsula Business Park in Mumbai’s Lower Parel business district for over Rs 37 crore on an outright basis.

The bank has acquired the office space on 18th floor of tower A of the commercial project. Along with the carpet area of over 10,049 sq ft, the bank will also get exclusive access to 15 car parks as part of this deal.

DCB Bank has purchased the property from Templecraft Realty LLP and the transaction was registered on December 13, showed the documents accessed through real estate analytics firm Propstack.

The bank currently occupies office space on the 6th floor of this tower and operates its corporate office functions from here.

The deal is “part of regular business activity of lease or purchase as per the business requirement of the bank,” the bank said in response to ET’s query regarding the transaction.

Despite the hype surrounding work-from-home and hybrid work models, both outright and lease transactions for office space have been on the rise, indicating the commercial real estate sector’s healthy growth as people return to offices.

The second half of 2021 has already witnessed a sharp uptick in the absorption of office spaces, led by leasing activity in the information technology and IT-enabled services sectors.

Lease transactions for large office spaces are being registered across key property markets, led by a steady economic recovery, an aggressive vaccination drive across the country, and an increasing number of corporates planning the return of their workforce to offices.

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