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Princeton Digital Signs Rs 1.25 Bn Annual Lease in Navi Mumbai

2025-05-09

Singapore-based Princeton Digital Group (PDG) has finalised an annual lease deal worth Rs 1.25 Bn for over one Mn square feet of space in Airoli Knowledge Park, Navi Mumbai. The lease covers three buildings—9A, 7, and 11—on Plot IT-5 and is among the largest data centre leasing deals in the Asia-Pacific region.

The properties, sub-leased from Gigaplex Estate Private Limited, will host PDG’s large-scale hyperscale data centre operations. The effective rent rate is Rs 98.5 per square foot, with a lease period of twenty years for Buildings 9A and 7, and forty years for Building 11. A fifteen-year lock-in period has also been agreed.

The first-year rent totals Rs 1.25 Bn, excluding additional charges such as Rs 5,000 per car per month for parking and Rs two per square foot for maintenance, which escalates annually. Rent escalation is set at four per cent for the first fifteen years, increasing to five per cent thereafter.

This long-term commitment underlines PDG’s confidence in India’s digital infrastructure growth. PDG is also investing USD one Bn to scale India’s data centre capacity to two hundred thirty megawatts as part of its wider USD five Bn Asia strategy.

Source:Rediff Business