Kotak Mahindra Life Insurance Company has picked office space over 1.5 lakh sq ft of office space in Tata Realty & Infrastructure Ltd’s Information Technology Park TRIL IT 4 in Mumbai’s Western Suburb of Malad through a long-term lease of over 9 years.
The company will be paying rentals of Rs 100 per sq ft a month taking its total pay-out to Rs 162 Crs over the tenure of the lease excluding the rental escalations. The agreement includes a clause to increase rentals escalation. The agreement includes a clause to increase rentals 15% after every three years.
The company has picked up the office space through two separate transactions and the latest transactions was registered. The leased office space will be utilised by the company to accommodate its processing operations. TRIL IT 4 counts Tata Consultancy Services and Accenture among its key occupiers.
Kotak Mahindra had acquired an entire commercial tower in this vicinity a few years ago and has also leased 400,000 sq ft and more in Thane over the last couple of years as part of its growth plan an house its bank and life insurance operations.
Kotak Mahindra Group owns two key properties in Mumbai’s business district Bandra-Kurla Complex, 27 BKC and 12 BKC and 12 BKC. Of this 12 BKC has come under its fold following the acquisition of ING Vysya Bank in 2014. The Group also owns a commercial tower Kotak Infinity in Mumbai’s Malad suburb in addition to its other several other offices.
