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head of ecommerce Amazonis a software and support services company of amazon development center (India) has leased an office space spread over approximately 200,000 square feet in the Information Technology (IT) Special Economic Zone (SEZ). Gera Commerson in Pune‘s Kharadi territory.
The company has taken office space spread over four floors for a period of 10 years with a total rental of over Rs 208 crore, including escalation in rent.
The agreement includes a provision to increase the monthly rent by 15% after every three years. Amazon Development Center (India), as a tenant, will also have a lock-in period of three years.
Gera Kamerzone is a joint venture between Pune-based developer Gera Developments and K Raheja Corp’s listed real estate investment trust (REIT) Mindspace Business Parks REIT. The project is spread over 25.8 acres and has a total area of approximately 3 million sq ft, of which 50% has been delivered and leased, while an additional 1.5 million sq ft is currently under construction.
Mindspace Business Park REIT and Gera Developments entered into a joint venture to develop the project and have so far leased office space to large global companies including British Petroleum, Barclays, UPS, Mindcrest, Maverick and Allstate.
Documents accessed through PropStack reveal that Amazon Development Center (India) has paid Rs 1.79 crore as stamp duty for a lease transaction concluded and registered on January 13.
Amazon Development Center (India) operations are spread across the world and it has development centers in India in cities including Bengaluru, Chennai and Hyderabad.
ET’s email queries to Amazon India and K Raheja Corp remained unanswered till the time of going to press.
In October, Amazon Data Services India entered into an agreement with Newfound Properties and Leasing, a subsidiary of realty developer K Raheja Corp. commercial tower with a built-up area of 451,000 sq. ft. through long-term sub-lease over 15 years in Thane to set up a data center.
The commercial office segment, which was hit hard by the pandemic, has made a strong comeback in the last 3-4 quarters with strong economic growth, increased hiring and return to office trend keeping the office sector buoyant.
Office real estate demand saw a strong recovery despite geopolitical challenges, with 51.6 million sq ft of gross office leasing recorded, a 36% increase from a year earlier, a recent report showed . Completion of new office space also increased 28% to 49.4 million square feet.
Office rental levels were stable or increased in all markets during this period, marking the second half since the first half of 2019. Bengaluru and Pune office markets to grow the most during the second half of 2022 at 11% and 7% respectively.
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