The world's leading retailer Walmart has leased 460,000 square feet of space in ITPC, Chennai, for a monthly rent of 3.26 crore. The American multinational retail corporation has leased the space for five years, according to the lease deed document provided by Propstack.
The rent payable by Walmart will increase by 4 per cent every year across the lease period, which started on January 1, 2025. The company leased a ground floor and four upper floors from the landlord -- Radial IT Park at the rental rate of 70 per sq ft per month. It paid a deposit of 19.55 crore, which is equivalent to six months' rent.
Considering the rent escalation rate, Walmart will be paying a rent of 3.8 crore per month (almost 82 per sq ft per month) by December 2029. Walmart operates a large chain of hypermarkets, discount department stores, and grocery stores in the US and 18 other countries, including India.
Prachi Pisal, Business Standard
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