Tata Digital Pvt Ltd has renewed the lease for its headquarters Fort House located in South Mumbai. The monthly rent for the commercial space is ₹2.98 crore, according to the documents accessed by FloorTap.com
The security deposit paid for the transaction is ₹15.03 crore. The office space comprises ground plus six floors with Tata Digital taking up space on each floor except 588 sq ft of space on the second floor, according to the documents.
The entire office space is spread across 1.02 lakh sq ft, the document showed.
The transaction was registered on May 16, 2024 and the lease period for the transaction is for three years between April 2024 to March 2027, the documents showed. The office space has been leased by Tata Digital Pvt Ltd from Dawat-E-Hadiyah, a public charitable trust.
Here’s how the monthly rent stacks up
The monthly rent for the commercial space is ₹2.98 crore that works out to be around ₹292 per sq ft. In the previous lease tenure, the monthly rent was ₹2.50 crore or ₹245 per sq ft for the period between April 2019 to March 2022, and ₹2.88 crore or ₹282 per sq ft for the period between April 2022 to March 2024.
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An email query sent to Tata Digital and Dawat-E-Hadiyah, a public charitable trust, did not get any response.
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Fort is Mumbai’s old commercial business district
Fort area, where Tata Digital has renewed the lease for its office space, is one of the oldest commercial business districts in South Mumbai. Fort area also houses several heritage buildings from the British era. Several Central and state government offices, including General Post Office, Mumbai Port Trust, Shipping Ministry, Maharashtra Maritime Board are located there.
Old commercial business districts in South Mumbai include Nariman Point, Cuffe Parade, Churchgate and Marine Lines among others.
Also Read: UK Consulate buys office space in Mumbai’s Lower Parel area from Lodha Group for ₹101.2 crore
In a recent office deal in the Mumbai real estate market, the United Kingdom (UK) Consulate had bought 12 office units from Macrotech Developers Ltd, which operates under the Lodha brand, in the project One Lodha Place in Lower Parel, Mumbai, for ₹101.2 crore.
