E-Commerce Major Amazon Software and support services company Amazon Development Center India has leased an office space spread over nearly 200,000 sq ft in IT SEZ Gera Commerzone in Pune’s Khardi locality.
The company has picked up the office space spread over four floors for a tenure of 10 years with total rental of over Rs 208 crore including rental escalations. The agreement includes a clause to escalate monthly rentals by 15% after every three years. Amazon Development Center India as a tenant will also have a lock-in-period of three years.
Gera Commerzone is a JV between Pune-based developer Gera Developments and K Raheja Corp’s listed real estate investment trust (REIT) Mindspace Business Parks REIT. The project is spread over 25. 8 acres and it has a total leasable area of around 3 mn sq ft of which 50% is delivered and leased while additional 1.5mn sq ft is currently under construction.
Mindspace Business Park REIT and Gera Developments has entered into a JV to develop this project and has so far leased the office space to large global companies including British Petroleum, Barclays, UPS, Mindcrest, Maveric and Allstate.
Amazon Development Center India has paid Rs 1.79 crore as stamp duty for the lease transcation that was concluded and registered on Jan 13 showed the documents accessed.
Amazon Development Center India has operations spread across the world and its development centres in India in cities including Bengaluru, Chennai and Hyderabad.