Tata Digital will renew the lease for HQ Fort House in Mumbai
The charity foundation Dawat E-Hadiyah and Tata Group's digital firm Tata Digital have reached a deal to extend the lease for Tata Group's famous Fort House in South Mumbai's Fort area for a total of three years. According to the arrangement, which has a one-year lock-in clause, the IT business that owns Bigbasket, Tata 1mg, Tata Cliq, Croma, and superapp Tata Neu, among others, would be paying rentals of about Rs 30 million per month. In 2017, the Dawoodi Bohra community's charity trust purchased Fort House from the Videocon Group. The prominent property on South Mumbai's DN Road, including 1.50 lakh square feet of office space, was subsequently sold for almost Rs 3 billion. The lease period for the Tata Group firm began on April 1, and the agreement was registered on May 16, according to the records available on FloorTap.com. At the time of registration, the company?which specialises in developing consumer-centric and highly engaging digital products?paid a security deposit exceeding Rs 0.15 million. The six storeys of the Grade-A commercial building include a ground-level and a basement. The transaction, which is for the full building in a micromarket that often does not provide an opportunity like this on both a lease and an outright basis, assumes significance. The Turner Morrison Building in Fort's Kala Ghoda district was purchased by the family of construction entrepreneur and billionaire Pallonji Mistry in 2019, in one of the few outright deals for a whole building to be completed in South Mumbai. The owner, Turner Morrison, a corporation located in Kolkata, then sold the century-old structure for around Rs 150 crore. The building comprises four floors and a ground floor, totaling 54,000 square feet of built-up area. Such deals are uncommon in the micromarket, which is distinguished by its Victorian Gothic architecture and structures evoking the British era. Even a sizable leasing agreement in 2016 caught people off guard. In 2016, in the biggest-ever space deal on national high streets by any foreign store, Spanish fashion chain Zara leased 50,000 sq ft of carpet space in South Mumbai's most prime location, Flora Fountain, close to Fort House. The largest fashion store in the world has leased the bottom level of the Ismail Building, which is situated diagonally across from HSBC's India headquarters.
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