Shares of Macrotech Developers (Lodha Group) saw a sharp rise of more than 4% after the Economic Times reported on Tuesday that Amazon India had acquired a prime land parcel from the real estate giant for ₹450 crores. This acquisition marks a significant step for Amazon’s expansion in India’s burgeoning data center market.
Amazon Data Services India, a subsidiary of Amazon India, has secured 38.18 acres of land in Palava, near Mumbai, for developing a hyper-scale data center. The deal, valued at over ₹450 crore, also includes already sanctioned floor space index (FSI) with a permissible development potential of approximately 4.16 million square feet.
As per the reported news portal, out of the total transaction amount, ₹396 crore was paid by Amazon at the time of signing the agreement, while the remaining ₹54 crore is set to be paid after the completion of certain conditions.
According to data analytics firm Propstack, which was cited in the report, the company also paid ₹27 crore in stamp duty for the deal’s November 12 registration.
As of 2:18 pm, Lodha shares were trading 4.37% higher at Rs 1,353.00 on the NSE.
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