By Varun Singh
In one of Indians big ticket lease deal, a 2.39 lakh sq.ft. of land area was leased out for a whopping Rs 3.57 crore per month for a period of 258 months. Amazon Data Services India Pvt Ltd rented a 2.39 lakh sq.ft. space for a period of 258 months in Powai.
The rental figure and the rented area both are huge and and in many ways amongst the biggest rental deals for the year 2022. The premises rented is a land parcel in Powai owned by Larsen and Toubro Ltd.
According to registration documents provided by Propstack the deal was signed in June this year. A stamp duty of Rs 5.64 crore was paid for the registration of the lease deed.
The lease deal is for a total of 21.6 years, which means 258 months of these 24 months or two years is rent free.
The deposit paid for the land lease is Rs 99 crore, whereas the lock-in period for the lease deed is 180 months.
The rental also will see an escalation as the time passes. According to documents it is clear that Amazon would be building a data centre on the premises of the land they have leased from L&T.
A detailed email sent to Amazon and L&T seeking their response on the deal got us no response.
Some precious big ticket rental deals
Before this in July 2020 during the Pandemic Morgan Stanley had concluded negotiations and reached a deal to lease up to 1.1 million sq.ft. office space for 9.5 years from Oberoi Realty in Commerz III, Goregaon.
This year too according to reports Morgan Stanley leased an additional 3.35 lakh sq.ft. The total rent is nearly Rs 2,000 crore for the entire tenure of 9.5 years.
In July 2020 Godrej Fund Management leased 2 lakh sq.ft. office space to A.P. Moller – Maersk’s business units in Mumbai. The space is located in Godrej Two, Vikhroli. The lease amount was Rs 13.09 crore.
