Tata Digital Private Limited (TDPL), a subsidiary of Tata Sons Private Limited, has renewed the lease of its headquarters in Fort, Mumbai for a monthly rental of Rs 2.98 crore, according to documents accessed by FloorTap.com, a commercial real estate data analytics firm.
The documents showed that the total area of the lease is 1.02 lakh square feet and Tata Digital has paid a security deposit of Rs 15.02 crore for the transaction.
The commercial real estate deal was registered on May 16, 2024 and the company has paid a stamp duty of Rs 29 lakh for the transaction. The lease of the company’s headquarters has been renewed for three years, documents showed.
The lock-in period of the lease is one year and the lease commencement date is April 1, 2024. The renewal of the lease implies that the headquarters of the Tata Digital, the company that operates the Tata Neu super app, will continue to remain at the Fort House for next three years.
The documents showed that the starting per-square-foot monthly rent for the deal is Rs 292.
TDPL is a subsidiary of Tata Sons and was incorporated in 2019 to develop a consolidated e-commerce platform under the ‘Tata Neu’ brand, which hosts diversified businesses of Tata companies to connect to and service the needs of consumers on a single platform.
There was no immediate response from Tata Digital towards queries from Moneycontrol.
The Fort House is a heritage property and is owned by Dawat-e-Hadiyah, a charitable trust of the Dawoodi Bohra community. This heritage building was earlier owned by Videocon Group and was acquired by Dawat-e-Hadiyah trust in 2017. The heritage property has around 1.5 lakh sqft of office space. It earlier used to house Videocon’s headquarters.
Fort House is located in the Fort area of South Mumbai, which is the old central business district of Mumbai. Most of the buildings in Fort are heritage building dating back to British Era, some of which include offices of Mumbai Port Trust, Maharashtra Maritime Board, Prince of Wales Seamen's Club, BMC headquarters among others.
Big ticket commercial deals
In March 2023, Piramal Capital and Housing Finance Ltd sold two units at TCG Financial Centre in BKC that had a carpet area of 18,764 sq ft for Rs 110 crore to TCG Urban Infrastructure Pvt Ltd.
In October 2023, Kinnteisto LLP, the firm run by Rekha Jhunjhunwala, had purchased over 1.94 lakh sq ft of commercial office spaces in the Bandra Kurla Complex (BKC), India's costliest commercial district, and Chandivali area of Mumbai for around Rs 740 crore.
In November 2023, Netflix Entertainment Services India LLP renewed its lease agreement for commercial space measuring 1.37 lakh square feet (sq ft) in Godrej BKC in India's costliest commercial business district, BKC in Mumbai.
In June 2023, Cricketer Virat Kohli had leased out 18,430 square feet of office space in Gurugram for an annual rental of Rs 1.27 crore to a corporate firm Mynd Integrated Solutions.
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