Aurum Platz IT Park is a 5 million square feet mixed-use development in Navi Mumbai branded as Q PARC. It is located on Thane-Belapur Road
Ascendas India Trust has entered into a forward purchase agreement with Aurum Platz IT Park to acquire 1.4 million sq ft in Navi Mumbai for Rs 930 crore, the company said in a release.
Aurum Platz IT Park is a subsidiary of Aurum Ventures, a conglomerate with interests in real estate and mineral exploration.
Ascendas India Trust will acquire approximately 30 percent of the total development potential in Q PARC. On certain leasing milestones, based on a purchase price to be determined in accordance with a pre-agreed formula which considers key factors such as rent, occupancy, and capitalisation rates, it said.
The 6 lakh sq ft will be ready for occupation by second half 2018 and 8 lakh sq ft is expected to be completed by early 2020.
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Navi Mumbai is attracting major multinationals and captive technology businesses with its existing robust rail and road infrastructure, the upcoming international airport, availability of talent pool and quality housing. Aurum Platz IT Park is developing a premium campus having the most technologically advanced buildings in Navi Mumbai, says Ashish Deora, Founder and Chief Executive Officer, Aurum Ventures.
Aurum Platz IT Park is a 5 million square feet mixed-use development in Navi Mumbai branded as Q PARC. It is located on Thane-Belapur Road, a key IT corridor in Mumbai. The park boasts of technologically advanced energy efficient buildings with predictive maintenance, acres of green spaces, club, health spa, an amphitheatre with mountainscape, crèche amongst other amenities.
The IT SEZ is attracting rentals around Rs 55 per sq ft.
The proposed acquisition of the two buildings in AURUM IT SEZ marks our foray into the IT Park business in Navi Mumbai, which is an important market for large multi-national corporations. The properties are strategically located on Thane-
"Belapur Expressway, a key IT corridor in Mumbai. The property is in close proximity to the Mumbai suburban network train station and in close proximity to campuses of other large Indian corporates. The acquisition will further diversify our portfolio and is expected to contribute positively to the financial performance of the Trust," says Sanjeev Dasgupta, chief executive officer of the Trustee-Manager.