Kotak Mahindra Life Insurance Company has picked up over 1.5 lakh sq ft office space in Tata Realty & Infrastructure Ltd’s information technology park TRILIT 4 in Mumbai’s western suburb of Malad through a long-term lease of over 9 years.
The company will be paying rentals of Rs 100 per sq ft a month, taking its total pay-out to Rs 162 crores over the tenure of the lease excluding the rental escalations.
The agreement includes a clause to increase rentals 15% after every three years.
The company has also picked up two the office space through two separate transactions and the latest one was registered on Friday.