Raiden Infotech India Pvt Ltd, a Google Inc company, has taken on rent 3.81 lakh sq ft of data centre space for 28 years in Maharastra Industrial Development Corporation’s industrial estate in Navi Mumbai from Amanthin Info Parks Pvt Ltd at a starting monthly rent of Rs 8.83 crore, showed documents accessed by CRE Matrix, a real estate data analytics firm.
The agreement to sub-lease has been signed between Raiden Infotech India, the licensor Amanthin Info Parks and the MIDC that has leased the land to Amanthin Info Parks. It comes with a rent escalation clause which states that there will be a rent escalation of 1.75 percent annually, the document showed.
The proposed data centre in Navi Mumbai is expected to come up within two years. The property is an eight-storey building with a basement and a roof. Raiden Infotech India has paid a stamp duty of around Rs 7.26 crore.
Around the same time last year, DC Development Noida Limited, an entity of Adani Enterprises, had subleased around 4.64 lakh sq ft of space to Raiden Infotech India Private Limited, a Google Inc company, in Noida, for 10 years with a starting monthly rent of Rs 10.90 crore, showed documents shared by CRE Matrix, a real estate data analytics firm. Google has leased space in Adani Data Centre located in Sector 62, Noida.
The starting monthly rent is Rs 235 per sq ft for an area of 4,64 lakh sq ft. The annual rent is Rs 130.89 crore. There will be an escalation of one percent at the end of every 12 months, according to the agreement to sub-lease, the document showed.
The document was registered on September 9, 2022. The primary lease deal was signed between Adani Enterprises and DC Development Noida on September 2, 2022, for a period of 23 years.
Increasing data usage in the financial, entertainment and retail domain and higher commitment by cloud service providers will drive Indian Data Centre (DC) industry growth, leading to demand for 7.8 million sq. ft real estate space in the next two-and-a-half years. This will entail an investment of $4.6 billion, according to JLL’s report, Data Centre Update: H1 2022. The industry is expected to double in the next two-and-a-half years to 1,318 MW from the existing 637 MW capacity.