Home / Business and Economy / Jaguar Land Rover Inks 5-Year Bengaluru Lease Amid Rent Surge
Jaguar Land Rover Inks 5-Year Bengaluru Lease Amid Rent Surge
17 Nov
Summary
- Jaguar Land Rover leases 146,816 sq ft office space in Bengaluru
- Rent of ₹1.67 crore per month with 15% escalation every 3 months
- Lease begins in May and December 2024, rent starts in October and December 2024
In a significant real estate move, Jaguar Land Rover Technology and Business Services India has leased 146,816 sq ft of office space at Brigade Tech Gardens in Bengaluru. The automaker will be paying a monthly rent of ₹1.67 crore for the property, along with a security deposit of ₹10.10 crore.
The lease agreement includes a steep escalation clause, with the rent set to increase by 15% every three months. According to the registration documents, Jaguar has taken up space across the ground, first, fifth, and eighth floors of the property on a fresh five-year lease with Brigade Properties.
The lease will commence in two phases, with the first phase starting in May 2024 and the second in December 2024. Rent payments will begin in October and December 2024, respectively, for the two phases.
The chargeable area of 146,816 sq ft has been leased at a warm-shell rent of ₹65 per sq ft per month. Additionally, the company is paying a fit-out rent of ₹65.95 lakh per month for the 67,065 sq ft block, translating to ₹98.35 per sq ft.
