Amazon Data Services Pvt Ltd has leased 1.74 lakh sq ft of freehold industrial land from L&T in Powai in Mumbai. The rent is Rs 2.59 crore per month, lease documents accessed by CRE Matrix, a real estate consultant, showed.
The total area of the land parcel as per agreement is 1,6187.40 square metres, which translates to 1.74 lakh square feet, or 4 acres.
Amazon Data Services will pay a premium of Rs 18 crore per acre totaling Rs 72 crore for 4 acres and the handover date is between April 1, 2025 and March 31, 2026. The lease expiry date is August 15, 2043, according to CRE Matrix that accessed the documents.
The security deposit for the lease is Rs 2.40 crore and the lease was registered on August 3, 2023.
Meanwhile, there was no response to the queries sent to both Amazon or L&T.
Earlier deals
In a similar deal in June 2022, Amazon Data Services had leased 5.5-acre land from L&T in Powai adjacent to the land parcel for which lease was signed on August 3, according to the registered documents.
In July 2023, an arm of Intel India leased 11,536 sq ft of area in a data centre building in Bengaluru for three years from Hyderabad-headquartered CtrlS Data Centers Ltd at starting monthly rent of Rs 47.39 lakh.
Meanwhile, an April 2023 report by JLL India, a real estate consultancy on data centres, predicted that the increasing use of digital technology, the migration of IT infrastructure to third-party providers, and the growing usage of data from new and existing channels will result in the addition of 678 MW to the digital transformation industry between 2023 and 2025.
Also read: Data centre industry to attract $4.8 billion in investment by 2025: JLL
The report had said that Mumbai led the absorption pie, accounting for 43 percent of the share, with Delhi NCR witnessing a substantial hyperscale pre-commitment being delivered.
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