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representative imageHinduja Grouppremier real estate investment and development arm of Hinduja Realty Ventures has raised office properties spread over three floors in Tata Communications‘in the commercial tower MumbaiBusiness District Bandra-Kurla Complex (BKC) by way of long term lease of more than five years.
The company will pay a lease rent of Rs 250 per sq ft per month for approximately 50,000 sq ft of office space on the first, second and third floors of the tower. The company will pay a monthly rent of Rs 1.15 crore. It has already paid around Rs 7 crore as advance security deposit for the transaction. The agreement includes a provision to increase the rent by 5% every year.
As part of the deal, Hinduja Documents obtained through PropStack reveal that Realty Ventures will get office space in one wing of the complex as well as exclusive access to a total of 27 car parking slots in the commercial tower.
The newly leased office space will be used by several Hinduja Group companies in line with their expansion plans. The lock-in period of the lease will be three years
Prior to this lease deal, the first seven floors of Tower C were leased out wework india for a period of one year. Earlier in May, Tata Communications received permission from the Mumbai Metropolitan Region Development Authority (MMRDA) to terminate the contract with WeWork India and sign an agreement with the Hinduja Group for three floors.
The Hinduja Group, through its various companies, owns land parcels across major cities in India and seeks to aggregate these real estate properties under Hinduja Realty Ventures. The company aims to unlock the value of these assets and maximize their returns through integrated development.
In its first phase of business expansion, Hinduja Realty Ventures plans to focus on the group’s portfolio of FDI compliant properties in Bengaluru and Hyderabad. Thereafter, it intends to acquire new properties, plots and sites from third parties for development.
ET’s email queries to Hinduja Group and Tata Communications remained unanswered.
The office space segment has been witnessing a steady rise in deal activity ever since, despite forecasts of a slowdown in western markets and its likely impact on Indian commercial real estate.
Apart from global entities, Indian large corporates are concluding lease and outright transactions for office spaces and are actively looking for larger offices to support their consolidation and expansion plans.
In one of the biggest commercial real estate transactions this year, Bank of America recently leased an entire tower with office space spread over 1 million sq ft in Pune’s Kharadi area from realty developer Prestige Group for nine years .
In April, Deloitte Consulting India leased over 156,000 sq ft of land for 10 years at the International Tech Park in Pune’s Kharadi area, as part of its India expansion plan.
Earlier, Germany-based research publisher Springer Nature had leased over 110,000 square feet of land in the Gera Commerzone Information Technology Special Economic Zone in Kharadi area for 10 years.
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