MUMBAI: Hinduja Realty Ventures Pvt Ltd, the real estate arm of the Hinduja group, has leased three floors in Tata Communications Tower, a commercial builing in Bandra Kurla Complex’s G Block, on a long term lease for an annual lease rent of ₹13.87 crore.

The transaction was registered on June 5 this year between Hinduja Realty Ventures Pvt Ltd and Tata Communications Ltd to lease first, second and third floor space in Tower C of Tata Communications Towers for a period of 60 months. The total chargeable area will be 46,247 sq ft and the lease rent will escalate by five per cent every year, according to documents accessed and shared by Propstack.com.

A security deposit of ₹6.93 crore was paid by Hinduja Realty Ventures, which has Ashok Hinduja as one of its directors. The premises were leased at the rate of ₹250 per sq ft as license fee which be valid from September 2023, and will increase by five per cent each year. The lease rent will also increase according and the Hinduja group company will pay an annual rent of ₹16.86 crore in the fifth year of lease, according to the documents. The deal includes 27 car parking spaces in Tower B and Tower C basements.

The Hinduja Group has a land bank in key cities in India and HRVL is likely to undertake projects on joint development basis. In the first phase of its business expansion, HRVL will be focusing on the group’s portfolio of FDI complaint properties in Bengaluru and Hyderabad and subsequently it intends to acquire new assets from third parties for development, according to its website.

Courtesy: HT, ET, FPJ