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Kotak Mahindra Life Insurance Company has taken up over 1.5 lakh sq. ft. of office space in Tata Realty & Infrastructure Limited’s Information Technology Park trill it 4 In Mumbaiwestern suburbs of Malad through a long-term lease of over 9 years, said persons with direct knowledge of the development.
The company will pay a rent of Rs 100 per sq ft per month, taking its total payments over the lease period to Rs 162 crore, excluding rental escalation. The agreement includes a provision to increase the rent by 15% after every three years.
“The company has acquired office space through two separate transactions and the latest transaction was recorded on Friday,” said one of the individuals mentioned above.
The leased office space will be used by the company to accommodate its processing operations. TRIL IT 4 ALREADY COUNTS Tata Consultancy Services and Accenture are among its major occupants.
Kotak Mahindra had achieved commercial towers in this vicinity a few years ago and has also leased another 400,000 sq ft in Thane over the years, as part of a development plan and for its bank and life insurance operations.
ET’s separate email queries to Kotak Mahindra Life Insurance Company and Tata Realty & Infrastructure Ltd remained unanswered till the time of going to press. Property advisors Cushman & Wakefield declined to comment for the story.
Kotak Mahindra Group has two prime properties in Mumbai’s business district Bandra-Kurla Complex, 27 BKC and 12 BKC. Of this, 12 BKCs have come under its fold after the acquisition of ING Vysya Bank in 2014. The group also owns Kotak Infinity, a commercial tower in the Malad suburb of Mumbai, apart from several other offices.
Kotak Mahindra Life Insurance Company Limited is a 100% owned subsidiary of Kotak Mahindra Bank. It is one of the fastest growing insurance companies in India, covering over 45.4 million lives across the country at the end of January.
With a favorable regulatory environment and government support, the insurance sector has emerged as one of the fastest growing businesses in India. The sector is witnessing a growing number of product innovations, vibrant distribution channels and tie-ups. The increased access to the banking sector and capital markets is also reflected in the insurance and pension sectors.
Mid-size and large deals for office space continue to gain momentum as the recovery in commercial real estate post Covid19 pandemic is widespread, as indicated by the rising number of leases and outright transactions across the segment and key property markets Is.
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