Amazon leases 2.3 Lakh Sq Ft in Powai at a rental of ₹3.57 crore per month

Mumbai: One of the largest rental deals in the city this year was sealed when Amazon Data Services India leased a 2.39 lakh sq ft land parcel in Powai for ₹3.57 crore per month. The lease for the land, which is owned by Larsen and Toubro, is for 21 years and six months, with a lock-in period of 15 years.

This deal marks a major boost for the post-pandemic real estate market, especially for commercial office spaces, which had seen a significant drop in demand driven by Work-From-Home set-ups.

Amazon plans to build a data centre on the premises, according to the documents. The deposit paid for the land lease is ₹99 crore. According to registration documents provided by Propstack, the deal was signed in June this year. A stamp duty of ₹5.64 crore was paid for the registration. Of the total lease tenure of over 21 years, 24 months is rent free. The rental will also see an escalation as time passes. Amazon and L&T did not respond to an email seeking their response on the deal.