Larsen & Toubro leases its 5.5 acres Powai space in Mumbai to Amazon Data Services for Rs 3.57 crore per month. Going forward, the rentals for the space will increase. With a possible development area of 2.39 lakh sq ft, Amazon Data Services will be setting up a data centre here.
See also: Lease vs sale of commercial real estate: Which is a better option?
According to documents accessed by Propstack, real estate data and analytics firm, the lease is for 21 years and six months with a lock in period of 15 years and includes a rent-free period of 24 months. Property advisory JLL was the transaction advisor for this commercial deal.
According to a Mint report, the lease deed was signed on June 30, 2022. Amazon has paid a security deposit of Rs 99 crore and a stamp duty of Rs 5.64 crore. This 5.5 acre land leased to Amazon is part of the 58.06 acre land that L&T owns at Powai, Mumbai.
See also: ESR announces over $1-billion first close of inaugural Data Centre Fund
“With businesses increasingly clustering together in cities, Amazon’s city-center data center will be a vital cog in the economy of Mumbai. It is also significant that while most data centers prefer to be located at the outskirts of any city, Amazon has chosen to be at the heart of a suburban business district of Mumbai,” said Raja Seetharaman, co-founder of Propstack.
See also: Karnataka to be the ‘data centre destination of choice’
With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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