At Rs 94 lac/month Is this North India’s Biggest Rental Deal?
North India’s real estate sector hasn’t delivered any big news in the recent days, however, this might be a good break. A recent rental deal in North India is making waves.
By Varun Singh
Whenever we talk about a big realty deal, we mostly speak of Mumbai, and in some cases the southern cities.
North India’s realty sector hasn’t delivered much of a good news in the recent past.
This news is a good break from all the controversies.
A rental deal that took place recently in Noida seems to have set a new rental record in the Northern cities.
According to data provided by ‘CRE Matrix, a real estate data analytics firm’ a five year rental deal has been signed at Advant Navis Business Park in Noida.
The landlord according to the documents is Advant I.T. Park Pvt Ltd. and the tenant is EY Global Delivery Services LLP.
The total area rented is 1,15,151 sq.ft on the floors 12,14,15,16 of the building’s tower C.
The rent per month for the first year is Rs 94.42 lakh while for the fifth year it becomes Rs 1.08 crore
Year 1: INR 94,42,382/- (@ INR 82 per sq.ft. / month)
Year 2: INR 94,42,382/- (@ INR 82 per sq.ft. / month)
Year 3: INR 94,42,382/- (@ INR 82 per sq.ft. / month)
Year 4: INR 1,08,24,194/- (@ INR 94 per sq.ft. / month)
Year 5: INR 1,08,24,194/- (@ INR 94 per sq.ft. / month)
Not only this, but the tenant will also have access to a mind boggling 115 car parking spaces in the building.
A security deposit of INR 4,72,11,910/- (equivalent to 5 months rent) has been also paid.
North India’s real estate sector was recently in news after Supreme Court ordered demolition of a forty storeyed twin tower in Noida for alleged irregularities. .
Yogi Adityanath’s UP government even formed a committee to look into the matter and take action against officials involved in the entire matter too.