DBG Estate Pvt. Ltd an entity of Welspun Group has leased out a Warehouse measuring 6,28,713 sq ft in Bhiwandi to Infiniti Retail Ltd a part of Tata Group operating under brand Croma.
The monthly rent is inclusive of CAM charges which stands at Rs 1.62 crore and the chargeable area is 6,28,713 sq ft.
According to documents provided to SquareFeatIndia by CRE Matrix, a real estate data analytics firm the deal was signed on October 20.
The premises that has been rented is Warehouse Block No. N4, Welspun One Logistic Park, Bhiwandi, in Thane dsitrict.
Along with the premises the Lessee will also have an access to 343 parking, this comprises of 15 cars park, 278 bike parks and 50 truck parks.
The lease period is for 18 years, the lock-in period is for 48 months, rental escalation is 5% every year. The dedicated parking area is 69,774 sq. ft.
“This is Deal of two Titans, Tata group and Welspun group. Tata group leasing warehouse space of 6.3 lakh sq ft in Bhiwandi reaffirms two trendsm first relentless demand for grade A warehousing space in outskirts of Mumbai and second steady rise in rentals for quality warehouse space clearly hinting at demand ahead of supply. We foresee this demand supply mismatch to stay in year 2023,” said Abhishek Kiran Gupta, CEO and Co-founder, CRE Matrix.
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