Amazon Data Services leases 4-acre of land in Mumbai’s Powai from L&T
Amazon Data Services has taken 1.74 lakh sq ft of freehold industrial land on lease from L&T in Powai in Mumbai. The rent of the leased land is Rs 2.59 crore per month. The lease documents have been accessed and shared by CRE Matrix, a real estate consultant.
According to the agreement, the total area of the land parcel is 1,6187.40 square metres, which translates to 1.74 lakh square feet, or 4 acres. The land has been leased for 18 years till August 15, 2043, starting from the handover date of April 2025, according to the agreement registered on August 3.
The subsidiary of Amazon Group, Amazon Data Services will pay a premium of Rs 18 crore per acre aggregating to Rs 72 crore for four acres when the lease commencement period begins.
The security deposit for the lease is Rs 2.40 crore and it will be returned to the lessees on lease commencement, the documents said.
As per the documents, the land is supposed to be cleared by L&T and the company has agreed to hand over the land between April 1, 2025 and March 31, 2026, according to the documents.
In August 2022, the same Amazon company leased 5.5 acres of industrial land from Larsen and Toubro Ltd on a 21-year lease to set up a data centre. These land parcels are part of the 58.06 acre that L&T owns in Powai.
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