Property Shuffle

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Amazon Data Services has taken on rent 4,51,037.54 square feet (sq. ft.) of office space in Thane, Mumbai, at a rent of Rs 74.91 crore per year, documents accessed by Propstack showed.

The lease is for a period of 29 years. The monthly rent works out to be Rs 6.24 crore. The rent will increase by 3 percent every 12 months for the first 36 months, and 3.5 percent every 12 months for the last 144 months, the agreement to sub-lease registered on September 24, 2022, showed.

The premises have been leased by Newfound Properties, a subsidiary of K Raheja Corp, to Amazon Data Services, in a ground-plus-7 (G+7) story building.

There was no comment from K Raheja Corp at the time of publication. The story will be updated once Amazon Data Services responds.

“Amazon continues to ramp up their data centres in India, and Mumbai has emerged as one of their preferred locations. The new data centres will allow Amazon’s domestic and global customers to utilise AWS (Amazon Web Services) infrastructure to securely build their businesses in India and run their applications in the cloud.

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MahindraLifespace Developers Ltd said it has entered into an agreement with Actis, a global investor, to establish a joint venture platform for developing industrial and logistics real estate facilities across India.

Up to 100 acres of land with ready infrastructure in the two Mahindra World Cities, offering a built-up potential of over two million square feet, has been earmarked as seed sites to be acquired and developed by the platform over time, subject to requisite approvals.

The JV platform will also simultaneously acquire and develop other greenfield and brownfield sites in key markets across India, aiming to become a leading real estate solutions provider to global and local corporations.

The total investment in the business over the initial years, including debt, is estimated to be ₹2,200 crore, the companies said in a joint statement.

Actis will own a majority stake and Mahindra Lifespaces a significant minority stake, the statement added.

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