Tata Communications Ltd has leased out office space in Bandra Kurla Complex in Mumbai to Hinduja Realty Ventures for five years at a monthly rent of Rs 1.2 crore.
The 46,247 sq ft area covers three floors. The effective rate works out to Rs 250 per square foot a month, and has a 5 per cent escalation clause every year, according to documents provided by Propstack. The lease, which starts on September 24, has a lock-in period of three years. The lease comes with 27 parking spaces.
Also read: Tata Communications to acquire Kaleyra for $100 million in all cash deal
Hinduja Realty Ventures is the real estate arm of the Hinduja Group. The group owns in excess of 2,500 acres across the country, and its real estate arm has the mandate to unlock value and monetise the land by building residences and commercial complexes. According to information on the group website, the company holds development rights for 30 million square feet of space across the country. It is setting up office complexes, integrated townships, group housing complexes and villas, including an office project called ‘Ecopolis’ in north Bengaluru.