Home Credit Leases 1.5 lakh sqft at Empire Tower in Navi Mumbai
Publish on : 2018-09-14 11:13:13
Non-banking financial company Home Credit India Finance has picked up around 1.5 lakh sq ft of office space on lease in Reliable Group’s commercial project Empire Tower in Navi Mumbai’s Airoli locality, said two persons familiar with the development.
The total lease tenure is five years including a rental reset after three years from now. The company will be paying rental of Rs 55 per sq ft a month, taking the annual payout to nearly Rs 10 crore.
“The deal has been finalized and the terms have been agreed upon. The company has already started undertaking possession of the property for fit-outs and furbishing,” said one of the persons mentioned above.
Home Credit India has operations in over 120 cities across 20 states in the country. The company has a network of more than 26,000 points-of-sale (PoS) serving over 6 million customers. Its employee base stands at over 16,000, and the new office space is expected to accommodate 2,600 Employees
Empire Tower is an IT park, part of the 5-million sq ft commercial project Cloud City that has GE, HCL, Atop Origin, Sify, Honeywell, and Sutherland operating from the campus. Recently companies including Cipla, Aditya Birla Group subsidiary Birla Management Services, Tata Consulting Engineers, Mersk GSC, Invenio and EFC have picked up total 3.5 lakh sq ft office spaces here.
Most of these companies have set up their back office processing and consulting units in Navi Mumbai, which has been emerging as a hub for these activities. Several companies have shifted their office catering to these services from central Mumbai, Powai, Vikhroli and Andheri-Malad belt to Navi Mumbai.
Reliable Group’s CEO Aaron Dlima confirmed the transaction, while ET’s email query to Home Credit India Finance remained unanswered till the time of going to press.
“We are strategically well placed as a location owing to the proximity of public transport system (rail & road) , close to residential and commercial areas of Thane & Mumbai and the solid new-age civic infrastructure of Navi Mumbai which has led to large scale relocation and expansion on this belt,” Dilima said.
Source :- Economic Times