A major consumer electronics firm has leased 12,616 sq ft of space in a commercial complex in Mumbai for a minimum monthly rent of Rs 17.35 lakh, according to a real estate data analytics platform.

The analytics platform reviewed the lease agreement of the company, which currently operates two retail outlets in India. The firm has taken the space on lease from a property developer for a term of 10 years and 10 months, with a rent-free period of 10 months.

The starting monthly rent works out to Rs 138 per sq ft, with a minimum payable rent of Rs 17,35,104. The agreement also includes a revenue-sharing clause of 2% per quarter for the first 42 months, increasing to 2.5% per quarter thereafter.

The company opened its first two official retail stores in India in 2023. Later, it announced plans to open four more outlets in major metropolitan cities across the country.

The firm began manufacturing its devices in India in 2017. Recently, government sources indicated that the company’s investment plans in India remain unchanged, and it aims to establish a major production base for its products in the country.

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