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.

Also Read: Oberoi Realty Ltd signs 18 acre Thane land deal

The post Amazon leases 2.3Lac Sq Ft for 258 months at a rental of Rs 3.57 Crore per month appeared first on Square Feat India.

By Varun Singh

Earlier in May this year, The Presidency division of Public Works Department, Maharashtra had floated a tender with an estimated cost of Rs 900 crore for the reconstruction of Manor MLA hostel.

Manora MLA hostel is located at Nariman Point and has housed the Members of Maharashtra legislature for quite some time.

The MLA hostel was declared dilapidated a few years ago and since then the reconstruction work has been in pipeline.

The work of the reconstruction of the MLA hostels was earlier given to NBCC India Ltd. However, in December 2020 citing slow progress the work was given to PWD.

The NBCC had planned of building swanky apartments measuring 1000 square feet to accommodate the MLAs and MLCs. NBCC had planned to construct two towers – 50 floors and 32 floors respectively consisting of 373 flats.

In May PWD floated an E-Tender Notice calling request for qualification for the work “Reconstruction of Manor MLA Hostel for Maharashtra Registration at Nariman Point, Mumbai.

The estimated cost of the project as per the tender is Rs 900 crore.

Now according to sources three top private players have shown their interest in redeveloping the MLA Hostel.

The names of these three firms are TATA, Larsen & Toubro and Shapoorji Pallonji.

While attempts to contact Manoj Shaunik, Secretary, PWD got us not response. An officer said now one of the three bidders for the tender will be finalised soon.

Earlier when the tenders were opened there was only one response and hence more bids were called in.

Finally three bids came and all from reputed firms of the country.

Apart from this the three names has also featured while the redevelopment of the ambitious BDD chawls at Naigaon, N M Joshi Marg and Worli.

NM Joshi Marg is being redeveloped by Shapoorji, Naigaon will be redeveloped by L&T.

Once constructed these hostels will be occupied by MLAs of the state.

The hostel comes useful during assembly sessions when MLAs from all across the state come and stay in Mumbai.

As most of them are from different locations and Mumbai being the capital the hostel if constructed will solve a lot of problems.

Also Read: Rs 900 Crore Tender For Reconstruction of MLA Hostel In Mumbai

The post ₹900 crore MLA Hostel Will Be Reconstructed By Private Players appeared first on Square Feat India.

By Varun Singh

What is the full form of BDD Chawls? What was the main purpose of these BDD chawls? Who constructed it?

There are many questions of which answers many seek, when they hear the word BDD Chawls.

Let’s answer some of them, the full form of BDD chawls is Bombay Development Directorate Chawls. They were originally built as jails for prisoners of the World War. Yes got it right these jails were built by the British.

But to know about the history of BDD soon you may not be dependent on a mere google search.

The reason being that there will be a Cultural Heritage Museum that will built at BDD Worli.

BDD chawls are a synonym to the middle class population’s history of Mumbai, The chawls have a rich history and a culture which can be termed as the melting pot of different identities still thrives in Central Mumbai.

To start with history, lets talk about the presence of BDD chawls in Mumbai. The most important aspect of BDD chawls is, that it is spread over 92 acre of prime land in Mumbai. There are a total of 195 chawls in Worli, Naigaon and NM Joshi Marg. There also exists few BDD chawls in Sewree.

Currently MHADA is redeveloping the BDD chawls in the three locations.

N M Joshi Marg, Lower Parel

• Chawls: 32
• Tenants: 2,560
• Funds: Rs 2,460 crore+
• Tender Won by: Shapoorij Pallonji 

Naigaon

• Chawls: 42
• Tenants: 9,869
• Funds required: Rs2,800+ crore
• Tender won by: L&T

Worli: 

• Chawls: 121
• Tenants: 9,689
• Funds Required: Rs 10,700 crore
• Tender Won by: Tata Capacite 

Also Read: Sneak peak of BDD Worli homes post redevelopment

According to a senior MHADA official associated with the BDD chawl redevelopment, the museum at Worli will showcase the history of the chawls.

Datta Ishwalkar, noted mill union leader of Mumbai says, “The construction of a museum will be a tribute to the working class of the city. From barracks meant from prisoners, the working class made the BDD chawls as their homes.”

BDD chawls came post 1920, and as mentioned it was meant to keep prisoners. However, later, the chawls also was used to keep activists of the freedom struggle.

During the period close to Independence, many workers who came to the city of Mumbai were asked to reside here.

The British would collect rent from them, and after India achieve Independence, the Bombay Development Directorate started collecting rent.

As time passed these chawls became the place where majority of mill workers who would work in central Mumbai started residing.

It’s a melting pot of several cultures, from Maharashtrians who form the majority, to Telugu speaking population and even Gujaratis and other communities reside here.

These buildings were known for its strength. However, with time they have started falling apart.

A few years ago, MHADA was assigned the authority to redevelop the chawls, while the residents who current reside in 160 sq ft homes will get 500 sq ft apartments, the current structures will be part of history.

Also Read: Corona impact: Many BDD tenants ready for transit

“For the future generation to know about BDD chawls and even for the residents, the museum will be a good source,” says Ishwalkar.

According to sources in MHADA, the museum will have pictures, and videos via which one will be able to relish the history of BDD chawls.

A consultant shall be appointed to study, the nitty gritty o the museum and will be built at Worli.

Recently one of the BDD chawl redevelopment at Naigaon was in trouble, after, Larsen & Torubo sent a letter to MHADA wanting to pull out from the redevelopment.

Talks have begun regarding retaining L&T at the Chief Minister Office level though.

Also Read: Has L&T Pulled Out Of Naigaon BDD Redevelopment?

The post From Jail To Homes: History Of BDD Chawls To Be Preserved In A Museum appeared first on Square Feat India.

By Varun Singh

Larsen & Toubro, one of India’s leading multinational engineering, construction, technology, and financial services conglomerate has announced that it will reduce its dependency on imported products including that from China.

The company says that they are committed to achieving self-reliance for the domestic industry by creating a strong and feasible ‘Make in India’ ecosystem.

Explaining this, SN Subrahmanyan, CEO & MD, L&T, said, “With an unfortunate incident involving our brave soldiers at our border, sentiments are running high in the country. As a company involved in nation-building for more than eight decades, we firmly stand with the policy of manufacturing best-in-class products locally through ‘Make in India’.”

“We can drastically reduce our dependency on imported products including those from China by putting processes and systems in place to develop a large scale, efficient and cost-effective domestic industrial ecosystem over a medium to long term. The atmosphere is right for that and we should accelerate this. We are fully supportive of the Government of India’s initiatives and will do our best to contribute to Atmanirbhar Bharat Abhiyan,” added Subrahmanyan.

The company has been involved in developing a strong supply chain of local vendor partners in its businesses like it did for over 80% localization for its 155mm/52 calibre tracked, self-propelled ‘K9 Vajra-T’ guns, supplied to Indian army. It is also nurturing the local manufacturing and construction ecosystem involved in producing efficient and cost-effective substitutes for the global markets.

As a long-term proponent of Make in India, Larsen & Toubro has been contributing for almost all key engineering and technological developments in the country for over eight decades. It played a significant role in the construction of almost all nuclear reactors for the power generation. It is also at the forefront of construction of key national buildings, monuments and factories, construction of transportation and smart urban infrastructure, supporting defence forces by providing cutting-edge products and supplying critical components for Indian space programs.

Last week the apex developers body CREDAI had decided to reduce its dependency on Chinese imports.

With every passing day, the Anti-China sentiments are on a rise in the country, because of the way they are behaving.

There are two reasons for the Anti-China mood in India firstly the lockdown due to the Chinese Virus and secondly its interference at the Indian border.

Also Read: Builders opt for Swadeshi instead of Chinese imports

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