Hinduja Realty Ventures Leases 46000 SqFt Office Space in Bandra Kurla Complex From Tata Communications

In a major commercial real estate transaction in Mumbai real estate, Hinduja Realty Ventures, the property branch of the Hinduja Group, has leased office space from Tata Communications Limited in Mumbai's most coveted central business district, Bandra Kurla Complex (BKC).

The monthly rent for the 46,000 functional square feet will be Rs 1.15 crore per month, according to documents obtained by Propstack.

The first, second, and third floors of Tata Communications' Tower C in BKC have been leased by Hinduja Realty Ventures. Documents indicate that the security deposit is around Rs 6.96 crore.

On March 14, 2023, both parties consented to the terms and conditions outlined in the letter of intent, and the leave and licence period began on May 25, 2023, the day Hinduja Realty received possession. The document indicates that the stamp duty and registration expenses were paid on June 5, 2023.

The carpet area of the office space exceeds 30,000 square feet, and the rentable area is 46,247 square feet. The monthly rent is Rs 250 per square foot for the first year, with an annual increase of five percent.

Therefore, the monthly rent per square foot will increase from Rs 250 in the first year to Rs 262.5 in the second, Rs 275.63 in the third, Rs 289.41 in the fourth, and Rs 303.88 in the fifth year.

The transaction will have a three-year lock-in period and the property comes with 27 parking spaces.