Amazon pacts with GMR Logistics Park for 10L sq ft of warehousing space in Hyderabad

E-commerce giant Amazon India has entered into an agreement with GMR Logistics Park Pvt Ltd as of August 19, 2021, to lease a 10 lakh sq ft of warehousing space for a period of 20 years, in Hyderabad, as revealed by Propstack. The chargeable area is 10.08 lakh sq ft and the starting rent is around INR 2 crore per month (INR 20.15 per sq ft). The lease starts from April 15, 2022, as per documents.
As per the clause mentioned in the lease agreement, there will be a rental escalation of 15 percent every three years. GMR Logistics Park Pvt Ltd is expected to hand over the first phase of the leaseable premises on April 15, 2022, and phase 2 of the leasable premises on September 1, 2022, the documents showed