Amazon leases industrial land in Mumbai from L&T to set up data centre

Amazon Data Services India Pvt Ltd has leased 5.5 acres of industrial land with a possible growth space of 2.39 lakh sq ft, from Larsen & Toubro Ltd., in suburban Mumbai’s Powai space for setting up a data centre at a monthly rental of Rs 3.57 crore.

Both signed a lease agreement for 21 years and six months. The lease agreement includes a rent-free period of 24 months, with a lock-in period of 15 years from the lease commencement date, according to documents accessed by real estate data and analytics firm Propstack.

The lease deed was signed on 30 June.

The Free Press Journal reporter has a copy of the registration signed between both parties.

For this lucrative property, Amazon gave a security deposit of Rs 99 crore. The 5.5-acre leased property of Amazon is part of the 58.06 acres that L&T owns in Powai. It has a development potential area of 2.39 lakh sq ft. Wherein it paid stamp duty fees of Rs 5.64 crore to the state exchequer.

Recently, Bollywood Actor Ranveer Singh bought a Rs 119 Crore quadruplex apartment in Bandra near Superstar Shah Rukh Khan's bungalow Mannat.

The deal made headlines and is believed to be the most expensive real estate deal in recent time.