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The Amazon Data Service, an arm of Amazon Inc, has leased out four acres of land in Powai from Larsen & Toubro (L&T).
As per the documents accessed through CRE Matrix, Amazon Data Services will pay an upfront premium of Rs 72 crore (Rs 18 crore per acre) whereas the monthly rental for the leased land is Rs 65 lakh per acre (Rs 149 per square feet).
The lease agreement was registered on August 3. Besides, a security deposit of Rs 2.40 crore was made. The duration of lease for the land parcel is of almost 18 years (August 2043).
The L&T will handover the plot to Amazon Data Service between April 2025 and March 2026.
Previously, both companies entered into an agreement over lease of 5.5 acres of land in Powai only. The lease duration is for over 21 years, for which Amazon will be paying rent of over Rs 921 crore with 3 per cent rent escalation per year.
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