Navi Mumbai Real Estate News: Dow Chemicals Leases 1.79 Lakh Sq Ft At Mindspace Airoli For ₹1.64 Crore Monthly Rent

Mumbai: Dow Chemicals International Pvt Ltd has leased 1.79 lakh sq ft of office space at Mindspace Business Park in Airoli, Navi Mumbai, for Rs 1.64 crore per month under a 10-year agreement. The space comes with 225 vehicles parking space.

Five Floors Taken At SEZ Tower

The US-headquartered chemical major has taken up five floors from 2nd to 6th in one of towers of Mindspace Special Economic Zone, owned by Mindspace Business Parks. The company is estimated to pay around Rs 250 crore rentals.

Agreement Terms And Rental Structure

The lease, starting September 15, will see Dow Chemical paying a monthly rental of Rs 1.64 crore, translating into Rs 64 per sq ft on the chargeable area. The agreement includes a clause to escalate rentals by 5% every year. The transaction also involves a security deposit of Rs 14.77 crore.

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Security Deposits And Fit-Out Costs

The deal includes a fit-out security deposit of Rs 82.09 crore, which will be refunded in tranches of 10% each year, and a fit-out rent of Rs 29.45 per sq ft per month, with no escalation through the term, showed the documents accessed through department of registration and stamps Government of Maharashtra.

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