JP Morgan has picked up over 1.16 million sq ft office space at Nirlon Knowledge Park, Goregaon with a 10-year lease. The deal has been signed between JP Morgan Services India Pvt ltd and Nirlon Ltd.

The rental is ₹145 per sq ft a month, with the clause of rental escalation of 15% every 3 years. When calculated the first year rent would be over ₹201.85 crore, and with the escalation the total rent for entire tenure of 10 years will cross ₹2,000 crore.

The chargeable area is close to 1.16 million sq ft. The 10 year lease period starts from December 15, 2021 and ends on December 14, 2031.

JP Morgan will get to use 1,130 car parks and there’s a 5 years lock in period too.

The leave and license has an extension option of two extension terms of 5 years each.

A security refundable dropout of ₹151.39 crore has been paid too. According to documents a Stamp duty of ₹425.65 crore has been paid for the registration of this leave and license agreement.

According to documents provided by Propstack a firm that accumulates data via public documents, the paperwork related to the deal was carried out in January 2022, but the registration took place only in June this year.

The leased out property is entire block B-9, which is a ground plus 23 floors, entire block B-10, which is ground plus 9 floors and a part in block B-11. The areas include basements in these blocks and other areas like storage etc.

This has become one of the biggest realty leave and license deal signed this year. A detailed email sent to JP Morgan and Nirlon ltd seeking their comment got us no response.

Recently, Citicorp Services India renewed its lease of 1.6 lakh sq ft office space at Nirlon Knowledge Park in Goregaon too for a period of five years. This office space is spread over six floors with a lock-in period till September 2024. Citicorp Services will be paying a rental of nearly Rs 137 crore across the total tenure which is of 60 months. The per month rent stands at Rs 2.28 crore. The lease tenure starts on September 15, 2022 and ends on September 14, 2027. The lock-in period is from September 15, 2022 to September 14, 2024. Whereas the notice period is of 6 months.

In June this year 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 the land parcel in Powai owned by Larsen and Toubro Ltd.

Yes Bank on August 24, 2022 signed a rental deal to lease 44,000 sq ft area in Mumbai’s Goregaon for Rs 53.19 lakh per month, for a period of 60 months. The rental period starts from September 22, 2022 and ends five years later on September 22, 2027.

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.

“Goregaon East seems to be fast developing as a financial mini-hub after BKC, with likes of JP Morgan, Deutsche Bank, KPMG, PWC, Morgan Stanley, We foresee a significant rise in large commercial office deals being signed up, thanks to steady economic recovery, gradual return to work-from-office policy, strong job market,” said Abhishek Kiran Gupta, CEO, CRE Matrix.

Also Read: Delhi: Aakash Education’s Aakash Chaudhry pays ₹137 crore for a bungalow Mumbai: Citicorp pays ₹137 crore rent for 5 years for an office space

The post JP Morgan picks 1.16 million sq ft in Goregaon for 10 years on lease along with 1,130 car parks appeared first on Square Feat India.

By Varun Singh

MahaRERA (Maharashtra Real Estate Regulatory Authority) recently asked the secretary of MahaRERA to bring to the Municipal Corporation’s notice its order.

The authority found that a builder had contravened the sanctioned plan because the developer had created and allotted more car parks than sanctioned.

Two home buyers Sandip Jambhale and Prashant Shingan approached MahaRERA against the builder Shri Venkatesh Sharada Infracon.

The home buyers had contended that the project Parijat A wasn’t developed as per the sanctioned plans and layout plans.

They also informed MahaRERA that the developer failed to provide them car parking as agreed, which is sufficient to accommodate their cars.

The home buyers raised several other issues too. Post which MahaRERA appointed an architect from its panel as a commissioner to submit a report on the points raised.

The architect in his report stated that the parking provided to Jambhale, was not in required dimensions as per the bye laws and even the drive way. Thus it was difficult to park four wheeler in the allotted car park space.

The parking space provided to Shingan was on upper level parking floor. The architect found out that as per the sanctioned plan, parking for two wheelers were on the upper level parking floor.

Even the drive way width for four wheeler was not as per the bye laws, thus difficult to park the four wheeler smoothly in first attempt.

The architect also noticed that, the builder had provided more car parking than the sanctioned plan.

The architect also submitted that he didn’t notice any structure defects, like bulging, deflection cracking of structural RCC elements. Thought there were some peeling of ceiling plaster of lowermost parking, due to water seepage. This cannot be categorized under structural defects.

The developer then agreed to provide separate car parks to the home buyers. However, B D Kapadnis, Member, MahaRERA also found in his order that, the builder had contravened the sanctioned plans because he created and allotted more car parking spaces than sanctioned.

Kapadnis directed the builder to restore the position to make it as per sanctioned plan. Then also asked the builder to allot sanctioned car parks on first come first serve basis,

The builder also was asked to refund the money on prorate basis along with interest to those homebuyers whose car parking was being taken back.

Kapadnis in his order mentioned, that it was the duty of the Municipal Corporation that no changes are made in sanctioned plan and specifications. It has the authority to remove unauthorized structures and restore the use.

He also asked the secretary, MahaRERA to bring this order to the notice of the Municipal Corporation for taking necessary action.

The builder was also asked to pay Rs 20,000 to the home buyers as cost towards the complaints and reimburse the commissioners fees deposited by them.

Also Read: HDIL’s Wadhawan had gifted Bandra bungalow to trust in 2018

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