A Google Inc. company, Raiden Infotech India Pvt Ltd, has rented from Amanthin Info Parks Pvt Ltd for 28 years a space of 3.81 lakh sqft in the Maharastra Industrial Development Corporation’s industrial estate in Navi Mumbai, according to documents accessed by CRE Matrix, a real estate data analytics firm, the company will pay a monthly rent of Rs 8.83 crore.
Raiden Infotech India, the licensor Amanthin Info Parks, and the MIDC that has leased the land to Amanthin Info Parks have signed an agreement to sublease. It comes with a rent escalation clause which states that there will be a rent escalation of 1.75 percent annually, the document showed.
Amanthin Info Parks, the licensor, is owned by Everyondr, a joint venture between Everstone Group and data centre firm Yondr Group.
The documents for the eight-storey building with a roof and basement were registered in October 2022 with a stamp duty of Rs 7.26 crore which was paid by Raiden Infotech India.The tech giant’s data centre is expected to be completed by 2025.
The company last year subleased a property of approximately 4.64 lakh sq ft in Noida from DC Development Noida Limited, an entity of Adani Enterprises, for 10 years. The rent for the property was Rs 10.90 crore per month. Google has also leased space in Adani Data Centre which is located in Sector 62, Noida with monthly salary of Rs 235 per sq ft for an area of 464 lakh sq ft.
Other companies, like Microsoft and CtrlS Datacenters, are also planning to expand their data centres. In order to help with the expansion, Microsoft acquired Fungible, a provider of composable infrastructure.
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.