Princeton Digital Group leases over 1 million sq ft for data centre hub in Navi Mumbai
Princeton Digital Group
(PDG) has picked up over 1.06 million sq ft of commercial space in
Navi Mumbai
's Airoli locality to develop its largest data centre campus in India through a long-term lease of over 20 years.
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The company's total rental commitment across the three transactions is estimated at Rs 3,745 crore over the lease term, making it one of the most significant leasing deals in India's data centre market.
The deals, concluded across three separate lease agreements, form part of a strategic partnership between PDG and K Raheja Corp-backed listed
Mindspace Business Parks REIT
for a five-building data centre campus within the larger 50-acre Mindspace Airoli West complex.
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These are part of PDG's growth plan for India to expand capacity to a total of 230 MW in the country, driving an investment programme of $1 billion. This is part of PDG's new $5 billion investment programme for AI-ready data centres in Asia.
Of the new deals, the first lease covers 252,000 sq ft across ground plus seven floors at Rs 2.48 crore per month. The second spans 315,000 sq ft across ground plus six floors with a monthly rent of Rs 3.10 crore, while the third and largest lease covers 491,000 sq ft at Rs 4.83 crore, according to documents accessed through realty data analytics platform Propstack.
'These buildings will be developed in phases and rentals will commence upon delivery of each phase. Accordingly, the total rental payout will also be staggered,' said one of the persons aware of the development.
The three leases will collectively add over 1 million sq ft of built-to-suit space at Gigaplex Estate's Airoli Knowledge Park across 22 floors spanning three entire buildings designed to meet the high-density requirements of data centre operations.
ET's email queries to PDG and Mindspace REIT remained unanswered until press time.
The REIT has already developed two data centres with nearly 0.63 million sq ft for PDG and the new deals will push the total hub size to nearly 1.7 million sq ft.
All three leases are structured for a 4% annual escalation for the first 15 years, followed by 5% annual escalation from the 16th year onwards. A 10-month security deposit is applicable for each lease, amounting to Rs 24.8 crore, Rs 31 crore and Rs 48.3 crore, respectively.
As part of the agreement, Mindspace REIT will provide end-to-end development and turnkey services, including critical power infrastructure and sustainability-aligned solutions for these data centres. Once completed, the five-building data centre campus will span 15 acres.
Navi Mumbai's Airoli micro-market has rapidly emerged as a preferred destination for data centre operators due to its proximity to undersea cable landing stations, stable and redundant power availability, renewable energy access and strong infrastructure backbone.
The region has already seen major data centre investments by Amazon Web Services and Google.
With data localisation norms and a supportive policy framework from the Indian government, international players like PDG are increasingly anchoring large, multi-building campuses in India, placing the country firmly on the global data centre map. Ends
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