The prime property, located in the village of Paspoli, Powai, spans an impressive 4 acres and is poised to become a key strategic asset for Amazon’s operations. The lease agreement was signed on August 3rd, 2023, with a starting monthly rent of ₹65,00,000 and a security deposit of ₹2,40,00,000.

The land lease deal, structured as a long-term arrangement, offers a glimpse into Amazon’s forward-thinking real estate strategy. The lessee, Amazon Data Services India Pvt Ltd, is set to pay a premium of ₹72,00,00,000 per acre, translating to a total premium of ₹18,00,00,000 for the entire 4-acre parcel of land. This premium showcases the company’s commitment to securing prime land for its future endeavors.

Notably, this deal follows Amazon’s previous successful engagement with L&T, where they leased 5.5 acres of land last year. This expansion into the Powai locality further solidifies Amazon’s presence in Mumbai and underscores their confidence in the city’s growing economic prospects.

The transaction also sheds light on the evolving landscape of Powai, an area known for its vibrant mix of commercial and residential developments. The handover of the property is anticipated to take place between April 1st, 2025, and March 31st, 2026. Moreover, the lease agreement is slated to remain in effect until August 15th, 2043, underscoring Amazon’s long-term commitment to the Mumbai market.

The partnership between Amazon Data Services India Pvt Ltd and L&T, facilitated by CRE Matrix, stands as a testament to the continued growth of India’s real estate sector and the pivotal role that key players like Amazon are playing in shaping its trajectory.

Stay tuned for more updates on this landmark real estate deal as it unfolds and reshapes Mumbai’s urban landscape.

Reference : CRE Matrix – A Real Estate Data Analytics Firm.