Raiden Infotech India Private Limited, a Google Inc. company, in a bid to expand the cloud infrastructure to cater to the growing demand in India, has rented 3.81 lakh sq ft of data centre space in Maharashtra Industrial Development Corporation's industrial estate in Navi Mumbai for 28 years from Amanthin Info Parks Private Limited. According to documents accessed by CRE Matrix, a real estate data analytics firm, the company will pay a monthly rent of Rs 8.83 crore.
Sublease agreement
The agreement to sublease was signed between Raiden Infotech India and the licensor, Amanthin Infor Parks, and the MIDC, which has leased the land to the licensor. The agreement also had an escalation clause, according to which there will be a rent escalation of 1.75 percent annually.
Amanthin Info Parks, the licensor, is owned by Everyondr, a joint venture between Everstone Group and data centre firm Yondr Group.
Building
The documents for the eight-storey building with a roof and basement were registered in October 2022 with a stamp duty of Rs 7.26 crore which was paid by Raiden Infotech India.
The tech giant's data centre is expected to be completed by 2025.
The company last year subleased a property of approximately 4.64 lakh sq ft in Noida from DC Development Noida Limited, an entity of Adani Enterprises, for 10 years. The rent for the property was Rs 10.90 crore per month. Google has also leased space in Adani Data Centre which is located in Sector 62, Noida with monthly salary of Rs 235 per sq ft for an area of 464 lakh sq ft.
Other companies, like Microsoft and CtrlS Datacenters, are also planning to expand their data centres. In order to help with the expansion, Microsoft acquired Fungible, a provider of composable infrastructure.
Indian data centre industry
According to JLL's report, Data Centre Update: H1 2022, the Indian data centre industry is expected to double in the next two and a half years to 1,318 MW, with a demand for 7.8 million sq ft of real estate space.
