Lower Parel office rent: the deal
Three financial services firms have together leased 28,976 sq ft of office space at Marathon Futurex in Lower Parel, central Mumbai, for a combined monthly rent of ₹99.44 lakh, according to lease registration documents analysed by real-estate analytics firm CRE Matrix.
The five units are on the third floor of Wings B and C of the building on N M Joshi Marg. The lessees are Arvesta Financial Services Pvt Ltd, Neo Wealth Management Pvt Ltd and Neo Markets Services Pvt Ltd. The units are owned by Marathon Realty Pvt Ltd and Marathon Nextgen Realty Ltd. The leases were registered on 24 September 2026, and details were reported on 4 November.
Unit-wise numbers
Neo Wealth Management has taken three units: unit 302 in Wing B of 3,740 sq ft at ₹13.27 lakh a month, unit 303 in Wing B of 6,313 sq ft at ₹19.04 lakh, and unit 304 in Wing C of 6,178 sq ft at ₹21.93 lakh. Together these add up to about 16,231 sq ft.
Arvesta Financial Services has leased unit 301 in Wing B, measuring 7,518 sq ft, at ₹26.68 lakh a month, along with five car parking spaces. Neo Markets Services has taken unit 305 in Wing C, measuring 5,212 sq ft, at ₹18.50 lakh a month.
On the stated totals, the deal works out to roughly ₹343 per sq ft per month. Four of the units are priced at about ₹355 per sq ft, while unit 303 is about ₹302 per sq ft. The unit-wise figures add up to marginally less than the stated totals of 28,976 sq ft and ₹99.44 lakh, a small difference in the reported data.
Lease terms
The leases run for five years, from 20 January 2027 to 19 January 2032, with rent commencing on 20 January 2027. Rent will rise by 5% every year. The lessees have paid a combined security deposit of ₹3.97 crore, equal to about four months' rent.
At the starting rent, the tenants will pay about ₹11.9 crore in the first year. With 5% annual increases, total rent over the five-year term comes to roughly ₹66 crore, by BrickBharat's calculation. The registered documents as reported did not specify the stamp duty paid.
What it says about Mumbai's office market
Lower Parel, a former textile-mill district, is now one of Mumbai's established office locations. Marathon Futurex, built by the Marathon Group on N M Joshi Marg, is about a minute's walk from Lower Parel station on the Western Railway, with Currey Road station and a monorail stop nearby, according to a 2022 developer release. That release described the tower as having over 10 lakh sq ft of operational space and listed occupiers including Nykaa, L'Oréal, Zee, SBI Capital, Invesco and Thomas Cook.
Office units in the building have also changed hands outright. In December 2022, Central Depository Services (India) Ltd bought over 46,000 sq ft of carpet area on the 34th and 35th floors for ₹163.16 crore, the developer said at the time. The building thus has a mix of owner-occupiers, investor-owned units and tenants, and the latest leases add more financial-services occupiers to that base.
What it means for occupiers and owners
Registered lease data gives tenants and landlords a verifiable benchmark for Lower Parel office rents, as listing portals show asking rents rather than agreed ones. In this deal, rents of about ₹302–355 per sq ft per month were agreed for a five-year term starting in 2027. Occupiers comparing options should note whether quoted rents include maintenance charges, parking and GST, which are often billed separately.
For landlords, the 5% annual escalation built into the lease means the monthly rent would rise to about ₹1.21 crore in the fifth year, by BrickBharat's calculation, if the lease runs its full term.
Sources
- CRE Matrix: Three Financial Firms Lease 28,976 Sq Ft At Marathon Futurex In Lower Parel For ₹99.44 Lakh Monthly Rent — published 4 November 2026.
- ThePrint (ANI/PRNewswire): Leading BFSI company buys office space at Marathon Futurex, Lower Parel in a deal worth Rs. 163 Cr — published 20 December 2022.
Frequently asked questions
What is the office rent at Marathon Futurex in Lower Parel?
The five units leased total 28,976 sq ft for a combined ₹99.44 lakh a month, which works out to roughly ₹343 per sq ft per month, with 5% annual escalation.
Who leased office space at Marathon Futurex?
Arvesta Financial Services Pvt Ltd, Neo Wealth Management Pvt Ltd and Neo Markets Services Pvt Ltd leased third-floor units in Wings B and C from Marathon Realty and Marathon Nextgen Realty.
When does the lease start?
The five-year lease runs from 20 January 2027 to 19 January 2032, with rent starting on 20 January 2027. It was registered on 24 September 2026.