TCS rents 2mn sq ft in Hiranandani’s Thane project

The monthly lease rental for the space is between INR 50 and INR 55 per sq ft and the annual lease rental for the property will be around INR 100-120 crore, according to the newspaper report

Tata Consultancy Services (TCS) has picked up nearly 1.9 million square feet of office space in Hiranandani Constructions’s commercial project in Thane, reports a business daily.

TCS has signed a 15-year lease agreement with a reset clause that will be set every three years. 

The monthly lease rental for the space is between INR 50 and INR 55 per sq ft and the annual lease rental for the property will be around INR 100-120 crore, according to the newspaper report.

TCS will hold a soft option to extend the lease by another 2 million sq ft. Hiranandani Constructions hopes to deliver the office in the next one-and-a-half years.

TCS is likely to house about 30,000 of its employees in the Thane office. 

TCS has 19 offices in Mumbai and the surrounding areas, including its headquarters, and 10 delivery centres in Mumbai and Thane.

“We have leased space to the TCS on long lease for setting up an IT park. Work has already started and it will take nearly 18 months to complete it,” Hiranandani Constructions' Chairman Niranjan Hiranandani has been quoted as saying.