Paytm Leases Office Spaces at World Trade Centre, Cuffe Parade in Mumbai

In a significant development, Paytm Payments Bank Limited (Lessee) has entered into an office space lease agreement with Carlton Builders and Engineers Private Limited (Lessor) for two premium office units located at the World Trade Centre, Cuffe Parade, Mumbai.

The two office spaces, both situated on the 17th floor of the Center I building, are being leased by Paytm Payments Bank for a period of 60 months. The World Trade Centre, a prominent business hub in Mumbai, is a highly sought-after location for corporate tenants.

Details of the Leased Units

Unit No. 7
- Built-Up Area: 1707.78 square feet
- Floor: 17th Floor, Center I (Currently known as Tower 3, World Trade Centre)
- Parking Space: 1 Open Car Parking Spot
- Rental Structure:
  - First 12 months: ₹3,75,711.60 per month for rent, ₹34,155.60 per month as non-occupancy charges.
  - Next 12 months: ₹3,92,789.40 per month for rent, ₹34,155.60 per month as non-occupancy charges.
  - Next 12 months: ₹4,11,574.98 per month for rent, ₹42,694.50 per month as non-occupancy charges.
  - Next 12 months: ₹4,32,068.34 per month for rent, ₹42,694.50 per month as non-occupancy charges.
  - Final 12 months: ₹4,54,269.48 per month for rent, ₹42,694.50 per month as non-occupancy charges.
- Deposit: ₹15,02,864.40
Unit No. 6
- Built-Up Area: 1036.63 square feet
- Floor: 17th Floor, Center I (Currently known as Tower 3, World Trade Centre)
- Parking Space: 1 Open Car Parking Spot
- Rental Structure:
  - First 12 months: ₹2,28,058.60 per month for rent, ₹20,732.60 per month as non-occupancy charges.
  - Next 12 months: ₹2,38,424.90 per month for rent, ₹20,732.60 per month as non-occupancy charges.
  - Next 12 months: ₹2,49,827.83 per month for rent, ₹25,915.75 per month as non-occupancy charges.
  - Next 12 months: ₹2,62,267.39 per month for rent, ₹25,915.75 per month as non-occupancy charges.
  - Final 12 months: ₹2,75,743.58 per month for rent, ₹25,915.75 per month as non-occupancy charges.
- Deposit: ₹9,12,234.40

Significance of the Deal

This lease agreement reflects PayTM’s expanding footprint in Mumbai, as the company continues to strengthen its operations and corporate presence in key business locations. World Trade Centre, Cuffe Parade, is renowned for its state-of-the-art facilities and excellent connectivity, making it an ideal location for global and national businesses.

The rental agreements also highlight the increasing demand for premium office spaces in Mumbai’s commercial real estate sector. The tiered rental model with escalating monthly rent and non-occupancy charges is typical in long-term lease agreements, ensuring that both the lessor and lessee benefit from the evolving market conditions.

About Paytm Payments Bank

Paytm Payments Bank, a subsidiary of Paytm, is one of India’s leading digital payment platforms. The company offers a range of banking services such as savings and current accounts, digital wallets, bill payments, and mobile recharges. The lease at World Trade Centre will further cement Paytm’s position as a key player in India’s financial services and fintech industry.

Conclusion

The lease agreement between Paytm Payments Bank and Carlton Builders is a significant step in the company’s growth strategy and the broader commercial real estate market in Mumbai. With both office spaces located at a prime business address in the city, Paytm is well-positioned to continue its growth and expansion in the coming years.