Mumbai’s commercial real estate sector marked a significant transaction as BA Continuum India, a subsidiary of Bank of America, secured a 1.11 lakh sq ft office space in Powai, signalling continued investor confidence in Mumbai’s premium office corridors. The lease, valued at roughly ₹1.43 crore per month, demonstrates sustained demand for high-quality commercial infrastructure in one of the city’s key business clusters.
The office space, spanning the 22nd and 23rd floors of the Cignus commercial building in Passpoli, Powai, was leased from Chalet Hotels Limited. The agreement, registered on December 24, 2025, commenced on January 1, 2026, with a tenure of 10 years and nine months, including a three-year lock-in period. The rent is set at ₹129 per sq ft monthly, in addition to ₹20 per sq ft for common area maintenance (CAM). Structured rent escalations are part of the deal, with a 15 percent increase scheduled on October 1, 2027, and subsequent hikes every three years. As part of the arrangement, BA Continuum secured 112 car parking slots and remitted a security deposit of ₹8.59 crore.
Industry analysts note that Powai remains a preferred location for multinational and corporate tenants due to its connectivity, availability of premium office infrastructure, and proximity to residential hubs. The Cignus building, with its modern design and amenities, aligns with global corporate standards and sustainability benchmarks, factors increasingly influencing leasing decisions in Mumbai’s office market. Experts highlight that large-scale leases by multinational subsidiaries are crucial indicators of market stability, particularly as Mumbai adapts to hybrid work patterns and evolving office space requirements. “Securing a long-term lease in a prime commercial corridor underscores confidence in Mumbai’s office real estate fundamentals,” said a senior urban real estate analyst.
The transaction also illustrates a broader trend of corporates investing in high-quality office environments to attract and retain talent, while simultaneously aligning with energy-efficient and well-managed facilities. Analysts suggest that such deals contribute to economic activity in urban precincts, from property management to ancillary services. With Mumbai’s office market witnessing steady absorption of premium space, this lease reinforces the strategic importance of Powai as a business hub and highlights growing investor interest in well-located, sustainable commercial properties. The deal is likely to influence market sentiment and set benchmarks for rental values and lease structures in the city’s commercial real estate landscape.
BA Continuum Acquires Large Powai Office In Mumbai
