Rent Escalation Archives - Square Feat India https://squarefeatindia.com/tag/rent-escalation/ Real Estate News Website Mon, 30 Dec 2024 13:29:15 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://squarefeatindia.com/wp-content/uploads/2019/12/squrefeatindia_favicon.png Rent Escalation Archives - Square Feat India https://squarefeatindia.com/tag/rent-escalation/ 32 32 Consulate General of the People’s Republic of China Signs Lease Agreement for Apartment in Mumbai https://squarefeatindia.com/consulate-general-of-the-peoples-republic-of-china-signs-lease-agreement-for-apartment-in-mumbai/ Mon, 30 Dec 2024 11:16:19 +0000 https://squarefeatindia.com/?p=8414 In a significant move, the Consulate General of the People’s Republic of China has signed a lease agreement for a luxury apartment in Mumbai's Nariman Point. The 36-month deal, finalized on February 29, 2024, includes two car parking spaces and a rent escalation plan over the next three years. The agreement highlights the growing demand for premium real estate in Mumbai by international organizations.

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]]> In a significant move, the Consulate General of the People’s Republic of China has signed a lease agreement for a residential apartment in Mumbai. The deal, finalized on February 29, 2024, was signed by Deputy Consul General Wang Wei, representing the Consulate General of China, and the landlords, of the apartment.

Details of the Lease Agreement

The leased apartment is situated on the 4th Floor of the N.C.P.A. Apartments, Nariman Point, Mumbai. The agreement also includes two car parking spaces. The lease term is set for 36 months. The area of the apartment is 3475 sq ft

Financial Terms

The financial terms of the agreement include:

  • Security Deposit: ₹6,48,313/-
  • Advance Monthly Rent: ₹77,79,750/-
  • Annual Rent Escalation: The rent for the subsequent years will increase as follows:
    • Year 1: ₹6,48,313/-
    • Year 2: ₹6,64,520/-
    • Year 3: ₹6,81,133/-

The deal was finalized on February 29, 2024, a date that occurs once every four years, adding a unique touch to the agreement.

Also Read: Subhash Chandra has rented his bungalow to Chinese Consulate in Mumbai

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