Tata Projects, the construction arm of Tata Group, has inked a lease for 120,000 square feet of office space in Mumbai's Powai suburb, signaling its expansion plans. The deal, spread over two floors in Cignus Powai tower, accommodates around 1,000 employees, with potential for further growth. With a five-year lease term and lock-in period, Tata Projects is set to pay INR 86 crores in rentals. Developed by K Raheja Corp, Cignus Powai is adjacent to luxury hotels, enhancing its appeal. Powai's emergence as a commercial hub, fueled by connectivity and diverse amenities, reflects broader trends reshaping India's commercial real estate landscape.
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Tata Projects, the engineering, procurement and construction arm of Tata Group, has signed a long-term lease agreement to set up its new headquarters in Mumbai's Powai suburb. Through the deal, Tata Projects will lease over 120,000 square feet of commercial office space spread across two floors in Cignus Powai tower. The leased space can accommodate around 1,000 employees.
As per sources, the company has leased office space spread across two floors under this deal. Tata projects is also considering picking up one more floor for further growth and expansion plans. The lease is for a total term of five years with a lock-in period of three years and standard clauses for rental escalation. As per the agreement, it is estimated that Tata Projects will pay around INR 86 crores in rentals over the lease term.
Cignus Powai is a commercial project developed by K Raheja Corp's hospitality business Chalet Hotels. Cignus Powai is a single commercial tower with 7.5 lakh square feet of office space across 16 floors situated adjacent to a five-star hotel, The Westin Mumbai Powai Lake, and Marriott Executive Apartments. It is part of a larger mixed-use project developed and leased by K Raheja Corp�s commercial business.
The Cignus Powai project is expected to be fully completed by the end of June and Tata Projects is likely to move in by the third quarter of the year. Tata Projects currently has its office in Powai. Engineering and construction major Larsen & Toubro (L&T) has been operating from Powai for a long time. Big corporations like Tata Consultancy Services (TCS) and the prevalence of multinational companies such as Accenture, Nomura, JPMorgan Chase, and Cognizant have strengthened Powai's stature as a key business hub.
Powai is growing as an economic and commercial hub. According to Magicbricks, Mumbai's top commercial hubs (in terms of concentration) include- Andheri West, Bandra Kurla Complex (BKC), Lower Parel, Goregaon, Powai and Santacruz West. Powai boasts of excellent connectivity with other parts of Mumbai. Moreover, Powai offers a cosmopolitan ambience to residents and is one of the most diverse suburbs in Mumbai. Owing to the presence of two premier educational institutions, IIT-B and NITIE, Powai is on track to becoming a hub of the talent pool. This is significantly influencing the commercial realty market in Powai.
The commercial real estate market in India's major cities is transforming due to changing company needs, rapid infrastructural development, and evolving workplace norms. Recent lease deals signal the creation of new hotspots drawing firms and investors. India's commercial property market is witnessing a transition favouring newer quality assets of established developers and institutional landlords that provide amenities helping tenants offer employees a healthy work-life balance.
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