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Mumbai: The Hinduja Group’s property arm has leased office space from Tata Communications Limited in the Central Business District of BandraKurla Complex for a monthly rent of Rs1.15 crore. Hinduja Realty Ventures will move to first, second and third floors of Tata Communications’ Tower C, next to Mahanagar Telephone Nigam Limited (MTNL) Exchange.
As per the transaction, the lease will start from September 24 for a period of five years. During the initial year, the Tata Sons arm will get Rs1,15,61,750 every month in rent to use 46,247 square feet of area. The calculation works out to be Rs250 per square feet per month. Every year, the rent will increase by 5%.
Payments made so far
A deposit of Rs6,93,70,500 will be paid. So far Rs2.31 lakh has been paid and Rs4.62 lakh will be paid in the coming weeks. Rs20.03 lakh went towards stamp duty payment, registration documents made accessible by PropStack showed. The two companies signed the documents a month ago.
With 46,247 square feet of space come 27 parking spaces. The agreement has a lock-in period of three years.
Prior to Hinduja Realty Ventures Limited, the first seven floors of Tower C were leased out to We Work India for a period of one year. Earlier in May, Tata Communications received approval from the Mumbai Metropolitan Region Development Authority to terminate the contract with We Work India and sign the deal with the Hinduja Group.
