As­cen­das in­dia trust to buy two Navi Mum­bai it Parks

Realty Plus - - News -

As­cen­das In­dia Trust has en­tered into a for­ward pur­chase agree­ment with Au­rum Platz IT Park to ac­quire 1.4 mil­lion sq ft spread over two build­ings in Navi Mum­bai for Rs 930 crores. Au­rum Platz IT Park is a sub­sidiary of Au­rum Ven­tures that has in­ter­ests in real es­tate and min­eral ex­plo­ration, the com­pany said in a re­lease. Au­rum Platz IT Park is an un­der con­struc­tion 5-mil­lion-sq ft mixe­duse devel­op­ment in Navi Mum­bai branded as Q PARC. The IT SEZ lo­cated on Thane-be­la­pur Road is at­tract­ing monthly ren­tals around Rs 55 per sq ft. As­cen­das In­dia Trust will ac­quire around 30% of the to­tal devel­op­ment po­ten­tial in Q PARC on cer­tain leas­ing mile­stones, based on a pur­chase price to be de­ter­mined in ac­cor­dance with a pre-agreed for­mula that fac­tors rent, oc­cu­pancy and cap­i­tal­iza­tion rates. The 6 lakh sq. ft. will be ready for oc­cu­pa­tion by sec­ond half 2018 and 8 lakh sq. ft. is ex­pected to be com­pleted by early 2020.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.