In a recent development, WeWork India, a flexible space provider renewed their lease license. The renewal is made for its Mumbai-based office space widespread in 1.40 lakh sq ft. This renewal cost Rs. 2.25 crore. These details are by the document registration accesses via Propstack, a real estate data analytic firm.
WeWork, the co-working firm in India, renewed the lease agreement for its multiple units leased in Tower 4 of Nesco IT Park. The park is in Mumbai’s Goregaon East suburb. In the access document, 104 car parking with these units are mentioned.
“NESCO IT Park has been a strategic partner in our growth story in the West region. We have had a longstanding and productive collaboration with them in Mumbai, and we look forward to continuing it with this renewed lease agreement,” said Arnav S Gusain, Chief of Supply, We Work India. However, the company didn’t shared details of the previous lease agreement.
As per the lease agreement, the rental for the first three years will total Rs. 27 crore considering the value of Rs. 162 per square foot. The terms and conditions include a 12% rent hike to Rs. 181 per square foot in August 2025 and Rs.203 per sqft in August 2028.
The renewed lease agreement comes into effect from 01st August 2024. The registration procedure for the lease deal was completed on 16th July. The deal is registered in the name of Nesco Limited and has a stamp duty of Rs. 37.39 lakh, the documents state.
Gusain further said, “As we further expand our presence across the country, we will continue to engage in many more fruitful deals with our existing and other leading developers in India.”
The lease deal took place after WeWork India bought new office spaces in Mumbai and Bangalore.
