A global technology manufacturer 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 documents reviewed by a real estate analytics platform.

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

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

The firm opened its first two official retail stores in India in 2023 and later announced plans to open four more outlets across major metropolitan cities.

The company began manufacturing its devices in India in 2017. Government sources recently indicated that its investment plans in the country remain unchanged and that it intends to build a significant manufacturing base locally.

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