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

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By Varun Singh

Harsha Bhogle is one of the most famous cricket commentators in the World.

His son recently paid Rs 6.67 crore to buy an apartment in Mumbai.

Harsha Bhogle’s son Satchit Bhogle bought the flat in the building named Crescent Bay located in Mumbai’s Parel.

According to documents provided by Index Tap the deal was registered on August 24, 2021.

The apartment is located on the 48th floor of the building. and measures 1811 square feet.

Along with the apartment, the new owner Satchit Harsha Bhogle who bought the apartments from L&T Parel Projects LLP will have an access to two car parks.

Stamp duty of Rs 33.35 lakh was paid for the registration of the apartment.

Veteran cricketer Dilip Vengsarkar recently bought a flat in Bandra for Rs 6 crore.

Recently, cricketer, Rohit Sharma sold his bungalow in Lonavala for Rs 5.25 crore.

Also Read: Sunny Leone Buys Andheri Flat For Rs 16 Crore

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By Varun Singh

BDD Naigaon redevelopment had hit a road block after L&T had decided to withdraw from the project.

However, the ambitious BDD Naigaon Chawl redevelopment is now back on track, according to MHADA officials.

Yogesh Mhase, Chief Officer, MHADA’s Mumbai Board confirmed that L&T has withdrawn the letter of termination and decided to continue with the project.

At Naigaon, BDD there are a total of 42 Chawls, comprising of a total 9869 tenants. The funds required for the redevelopment is Rs 2,800 crore +.

MHADA in August as per reports received a letter from construction giant L&T expressing their desire to discontinue with Naigaon BDD redevelopment.

After this several rounds of meetings with L&T and top MHADA and government officials begun.

A MHADA official said, “The newly appointed MHADA Vice President Anil Diggikar played a vital role in convincing the construction giant to continue with the project.”

It is believed that L&T was unhappy that in spite of it receiving the contract three years ago, the work wasn’t moving ahead.

As per the work order issued by MHADA on April 17, 2017, L&T had made a security deposit towards performance security via bank guarantees worth Rs 145.14 crore.

During the Devendra Fadanvis led government, the tenders were floated for all the three BDD chawl redevelopment. These are NM Joshi, Worli and Naigaon.

Each tenant post redevelopment is to get a 2 BHK apartment measuring 500 sq ft in lieu of the current one room that they reside in.

The redeveloped apartments will have two bathrooms, while currently they share common bathroom located at every floor. 

A detailed email sent to L&T seeking their comment got us no response.

Also Read: Actor Mortgages Juhu Property To Help Those In Need

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By Varun Singh

For the last two days officials at MHADA are busy going through paper work related to Naigon BDD Chawl Redevelopment.

The reason being, that MHADA apparently received a letter from construction giant L&T expressing their desire to discontinue with Naigaon BDD redevelopment.

It is believed that L&T is unhappy that in spite of it receiving the contract three years ago, the work wasn’t moving ahead.

A senior MHADA official associated with the BDD Chawl redevelopment confirmed that the letter has been received by them.

He said, “You already know intentions of people opposing project implementation process. What more can I say?”

Meanwhile, MHADA is trying to find ways how it can convince L&T to stay back. “The conditions in the contract could be one of the ways to make L&T reconsider their decision,” said an officer.

As per the work order issued by MHADA on April 17, 2017, L&T had made a security deposit towards performance security via bank guarantees worth Rs 145.14 crore.

The project is to be completed within seven years time. However, on Monday it is said that the firm notified MHADA its intent to not go ahead with the BDD Redevelopment project at Naigaon.

At Naigaon, BDD there are a total of 42 Chawls, comprising of a total 9869 tenants. The funds required for the redevelopment is Rs 2,800 crore +.

Messages sent to MHADA Vice President Milind Mhaiskar and Mumbai Board Chief Office Yogesh Mhase got us no response.

A detailed email sent to L&T seeking its comment to confirm about the letter got us no response.

During the Devendra Fadanvis led government, the tenders were floated for all the three BDD chawl redevelopment.

Each tenant post redevelopment is to get a 2 BHK apartment measuring 500 sq ft in lieu of the current one room that they reside in.

The redeveloped apartments will have two bathrooms, while currently they share common bathroom located at every floor.

Local MLA from the area Kalidas Kolambkar, said, “For us what matters is that the redevelopment should be of superior quality and under MHADA’s supervision.”

Also Read: Top Firm Sells Worli Flat For Rs 6.14 Cr That It Bought For Rs 9.6 Cr Only 9 Months Ago

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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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