Mumbai, June 14, 2024 - Tata Digital Pvt Ltd has renewed the lease for its headquarters, Fort House, located in the historic Fort area of South Mumbai. The monthly rent for the commercial space stands at a substantial ₹2.98 crore, which translates to approximately ₹292 per sq ft. This renewal marks another significant move in Mumbai's competitive real estate market.
According to documents accessed by FloorTap.com, the lease renewal was registered on May 16, 2024. The lease period extends for three years, from April 2024 to March 2027. The security deposit for the transaction is ₹15.03 crore. Tata Digital occupies nearly the entire office space, which spans 1.02 lakh sq ft, across the ground plus six floors. The only exception is 588 sq ft of space on the second floor.
The previous lease terms saw a monthly rent of ₹2.50 crore (₹245 per sq ft) from April 2019 to March 2022 and ₹2.88 crore (₹282 per sq ft) from April 2022 to March 2024. The current lease reflects a steady increase in rental rates, indicative of the rising demand and value of commercial spaces in the Fort area.
Fort is one of the oldest commercial business districts in South Mumbai, rich in heritage with numerous buildings from the British colonial era. The area hosts several Central and state government offices, including the General Post Office, Mumbai Port Trust, Shipping Ministry, and Maharashtra Maritime Board. Other notable commercial districts in South Mumbai include Nariman Point, Cuffe Parade, Churchgate, and Marine Lines.
The lease renewal by Tata Digital underscores the company's commitment to maintaining its presence in South Mumbai's prestigious Fort area. This move is significant given the historical and commercial importance of the district. The increased rent rates also reflect the ongoing demand for premium office spaces in Mumbai's prime locations.
An email query sent to Tata Digital and Dawat-E-Hadiyah, the public charitable trust from which the space is leased, did not receive a response.
Tata Digital's lease renewal at Fort House highlights the company's strategic decision to stay rooted in one of Mumbai's most valuable commercial hubs. The transaction, with its high rental values, emphasizes the enduring appeal and economic significance of South Mumbai's real estate market.
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