&w=3840&q=100)
Princeton Digital seals Rs 125 cr annual lease deal in Navi Mumbai's Airoli
Singapore-based Princeton Digital Group (PDG), Asia's leading data centre provider, has taken on lease over 1 million sq. ft. of space across three buildings in the Airoli Knowledge Park, Navi Mumbai—marking a major expansion of its digital infrastructure footprint in India.
The properties, owned and sub-leased by Gigaplex Estate Pvt Ltd, will be used by Princeton Digital Group (PDG) to set up large-scale data center operations. The transaction spans three buildings—9A, 7, and 11—located on Plot No. IT-5, with a combined chargeable area of 10,58,568 sq. ft, according to property documents accesed by CRE Matrix, a real estate analytics firm. Lease details:
Effective Rent Rate: Rs 98.50 per sq. ft. across all buildings
Lease Period: 20 years for Buildings 9A & 7, and 40 years for Building 11
Lock-In Period: 15 years
Annual Rent Escalation: 4% for the first 15 years, increasing to 5% thereafter
In addition to the base rent, parking charges of Rs 5,000 per car per month and complex maintenance charges of ₹2 per sq. ft. (with 5% annual escalation) will apply, further elevating the value of the deal.
With a total starting monthly rent of ₹10.42 crore, the first-year rent alone amounts to ₹125.04 crore, excluding other costs such as maintenance and parking. Given the 15-year lock-in and 20–40 year lease durations, the long-term financial commitment exceeds several thousand crores.
This reflects Princeton Digital Group's confidence in India's digital growth trajectory and its intent to build out a large-scale hyperscale data center hub in Navi Mumbai.
Last year, Princeton Digital Group unveiled a major growth plan for India by expanding capacity to a total of 230 MW in the country, driving an investment programme of $1 billion. This is part of PDG's new $5-billion investment programme for AI-ready data centres in Asia.
In September 2024, Princeton Digital Group entered into a strategic partnership with K Raheja Corp-backed Mindspace Business Parks REIT to develop the formers' largest data center campus in India, at Mindspace Airoli West.
Navi Mumbai has emerged as a leading hub for cloud infrastructure, driven by its strategic location near submarine cable landing stations, stable power supply with zero outage, availability of renewable energy, and robust infrastructure.
Mumbai has emerged as one of the Asia-Pacific (APAC) region's most competitive data centre leasing markets, driven by AWS-led colocation growth. The city's data centre ecosystem is being transformed by Amazon Web Services (AWS), which is significantly scaling through large-scale colocation leases rather than self-builds, accelerating Mumbai's emergence as a regional data centre powerhouse, said the latest Knight Frank report titled 'Global Data Centres Report'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
39 minutes ago
- Indian Express
Will implement Centre's schemes in Delhi: Shivraj Singh Chouhan to farmers
Union Agriculture Minister Shivraj Singh Chouhan Wednesday met farmers from different parts of Delhi in Tigipur village and assured them that all of the Centre's agricultural welfare schemes will be implemented in the Capital soon. Addressing a gathering of farmers from the city's rural belts, Chouhan said, 'Delhi's farmers were left out of the central government's schemes earlier due to the previous government. The state government has to send us a proposal… I have spoken to the Chief Minister, and she will soon send a proposal to ensure these are rolled out.' Chouhan is on the last leg of his 15-day programme, Viksit Krishi Sankalp Abhiyan, under which he has travelled to 14 states already and is interacting with farmers directly. 'There is great demand for fruits and vegetables in Delhi. If agriculture is strengthened here, it will not just benefit the city but also ensure India's economy grows — because even today, half our population is dependent on farming,' he said. Farmers present at the event raised several concerns, including high electricity costs, lack of subsidies, and no retail outlets for fertilisers. 'We don't get any subsidy. And if there is, the process is too complicated to understand,' said a farmer. Another noted that tractors with Delhi registration numbers are charged commercial tax, which increases their input cost, so farmers have to purchase tractors from neighbouring Haryana. A mushroom farmer from Tigipur, cultivating on just two acres, said he spends Rs 40 lakh a year and makes Rs 10-15 lakh in profit by selling directly to Azadpur mandi and contracting with factories. A strawberry grower, with 10 acres under cultivation, said he earns Rs 12-13 lakh per acre. 'We plant strawberries in October and inter-crop it with sweet corn and capsicum later. We sell to Reliance, BigBasket and local mandis,' he said. 'There are some farmers who are doing very well and earning a lot. We also need to learn their best practices' Chouhan said at the chaupal. The cost of inputs remains a problem for farmers of the national capital. 'Agriculture doesn't exist in Delhi for the government. So, our electricity is charged at commercial rates, which is extremely high,' said another farmer. 'There is also no IFFCO shop in Delhi from where we can buy fertilisers,' another said. Chouhan said the government is planning to adopt a 'One Nation, One Farm, One Team' approach. 'Policies must not be made sitting in offices. The agriculture department, research scientists, and agricultural universities must go to villages and speak to farmers. Only then can we find solutions together,' he added. Devansh Mittal is a trainee correspondent with The Indian Express. He studied political science at Ashoka University. He can be reached at ... Read More
Time of India
41 minutes ago
- Time of India
Karnataka hosts forum to steer state as premier manufacturing hub
Bengaluru: The Karnataka govt has lined up Rs 3,100 crore to provide dedicated water lines to industries in and around Bengaluru. Karnataka industries minister MB Patil said the project is expected to be completed in 18 months, hailing it as a game changer for industries. The govt hosted the first edition of the Uthpadana Manthana, a post-Invest Karnataka 2025 initiative designed to accelerate the state's vision of becoming India's premier manufacturing hub. The day-long conclave served as a strategic platform to engage directly with industry leaders and co-create a clear, actionable roadmap for industrial growth. The conclave brought together around 80 senior executives from nearly 60 companies across key sectors. These leaders engaged in focused discussions around six priority areas identified by the govt -- aerospace & defence (including space tech and drones), electronics and semiconductors, capital goods and robotics, auto & electric vehicles, technical and textiles, and consumer products such as FMCG, footwear, and toys. Patil said, "The broader objective of Uthpadana Manthana is aligned with the state's vision to attract Rs 7.5 lakh crore in investments and create 20 lakh jobs over the next five years. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like เทรดทองCFDsกับโบรกเกอร์ที่เชื่อถือได้| เปิดบัญชีวันนี้ IC Markets สมัคร Undo The govt is also focused on scaling up merchandise exports by leveraging free trade warehousing zones, export-oriented industrial parks, and faster port access." Karnataka seeks to establish itself as India's most competitive ESDM manufacturing destination by attracting OSAT/ATMP players and strengthening the component ecosystem. " Some of the industry leaders who participated in the event include Aravind Melligeri, chairman of Aequs, Niranjan Nayak, MD of Delta Electronics, Avinash Avula, country president of Applied Materials, and Harish Hanagudu, managing director of Krones. During the conclave, sector leaders presented recommendations that were consolidated into a govt action plan for the next 6–9 months. Suggestions included integrating elective courses in electronics and semiconductor manufacturing into academic curricula with a focus on hands-on learning; improving port connectivity to Mangaluru and Chennai from industrial clusters to ease exports; and streamlining customs clearance procedures to enhance ease of doing business. There was also a strong call for the development of integrated industrial townships with plug-and-play infrastructure, last-mile connectivity, and social amenities. The need to simplify approvals for environmental and operational clearances (such as consent for establishment and consent for action), create shared factory spaces for startups, and offer incentives for apprenticeship-driven companies was also emphasised.
Economic Times
41 minutes ago
- Economic Times
Off the road, there's a Rs 52,000-crore pileup while car sales hit the brakes
Healthy inventory, say carmakers Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: Car dealerships across India are staring at unsold inventory worth a record Rs 51,000-52,000 crore-the highest ever in value terms-as manufacturers continue to push vehicles into the market despite subdued retail demand for over a the 34-38 days of stock (440,000 units) by volume up to May is still marginally lower than the peak of the 40-45-day pileup ahead of Diwali last year, the total value has hit a high due to the increase in ticket size and a build up over time, according to industry Federation of Automobile Dealers Associations (FADA) pegs the inventory level even higher-at 52-53 days-raising concerns about rising working capital stress among dealerships and the disconnect between wholesale dispatches and retail translates to a marginal year-on-year growth—marking the slowest pace of growth in eight months and the lowest monthly volume recorded so far this calendar year. Retail sales lagged behind wholesale dispatches. A total of 302,214 cars were retailed in the same month, a decline of 3.14% over the same period last the persistent slowdown in movement of stock at dealerships, cars have been stuck in yards for over 50 days for almost 14 months now, against the norm of 21 days, said dealers that ET spoke to cited rising inventory as a serious concern. Hyundai and Maruti executives, however, said inventory levels in their channels are healthy. Hyundai Motor India is 'maintaining a healthy inventory level of four weeks' across its dealership network in line with industry norms, said Tarun Garg, its chief operating officer, adding that this was similar to that in the same period last Banerjee, head of sales and marketing at Maruti Suzuki India , said the numbers were an improvement over the year ago. 'Our inventory levels are much better than the previous year,' he said during a monthly sales call on June 2. 'It's to the tune of 35 days.'Some models, though, are bucking the trend and have waiting lists. These include variants of Maruti's compact SUV Brezza and people mover Ertiga, as well as Mahindra's Thar, Thar Roxx and Scorpio-N, according to Nomura. Select variants and colours of Toyota Hyryder and Hycross are also on a wait list of four to six weeks, and eight to 10 weeks, Garg acknowledged that the demand environment in the domestic market continues to be challenging. 'However, we remain optimistic in our strong fundamentals, which enables us to strategically pursue opportunities that can drive both growth and profitability,' he expects the recent interest rate cuts by the central bank and income tax relief to support demand sentiment. 'We remain cautiously optimistic in the backdrop of global trade and economic uncertainties,' said Garg. He sees the recent rate reductions, which should lower car loan rates as well, spurring demand. 'Further, the CRR (cash reserve ratio) cut will reduce the inventory cost for our dealers.'Analysts said measures such as the rate cut and reduced income tax levels will start showing results only in the second half of the financial year.'We expect factors such as lower income taxes and reduced interest rates to support demand, though the improved demand might be evident only by H2 of CY25F,' Kapil Singh of Nomura Global Markets Research said in a potential risk is the impact on production from June due to China's curbs on the export of rare earth magnets, he wrote. Crucial for electric vehicles, magnets are also used in fossil fuel-based cars, as well as the broader is maintaining its 5% year-on-year passenger vehicle industry growth forecast for FY26.
