Amazon leases four-acre L&T land in Powai

Mumbai: Amazon Data Services Pvt Ltd has leased four acres of freehold industrial land from Larsen and Toubro Ltd in Tungwa village of Powai on a monthly rent of ₹2.60 crore.

The total area of the land parcel is 16,187.40 square metres. The land has been leased for a period of 18 years till August 15, 2043, starting from the hand over date of April 2025, according to the agreement registered on August 3. The documents of the transaction were accessed and shared by CRE Matrix, a real estate analytics firm.

Amazon Data Services Pvt Ltd, a subsidiary of multinational Amazon Group, will pay a premium of ₹18 crore per acre aggregating to ₹72 crore for four acres when the lease commencement period begins. L&T is supposed to clear the land parcel and has agreed to hand over the land between April 1, 2025 and March 31, 2026, according to the documents.

A security deposit of ₹2.40 crore will be returned to the lessees on lease commencement, the documents said.

In August 2022, the same Amazon company leased 5.5 acres of industrial land from Larsen and Toubro Ltd on a 21-year lease to set up a data centre. These land parcels are part of the 58.06 acre that L&T owns in Powai.