Google leases 4.64 lakh square feet at the Adani data centre in Noida

Google leases 4.64 lakh square feet at the Adani data centre

According to records seen by CRE Matrix, Adani Enterprises has leased Raiden Infotech, a Google subsidiary, 4.64 lakh square feet of space at its data centre in Noida for Rs 11 crore per month.

As per the records obtained by the data analytics company, D C Development Noida Ltd, a division of Adani Enterprises Ltd, has a 10-year lease on 4,64,460 square feet of space at the Adani data centre in Sector-62, Noida.

Details about Google leases 4.64 lakh square feet at the Adani data centre in Noida:

The monthly rent is Rs. 235 per square foot. The first yearly rent is Rs 130.89 crore, and there will be an annual rate rise of 1%. According to the paperwork, the lease deal was inked last month.

The lease of 4.64 lakh square feet in the Adani Data Centre in Sector-62, Noida for a fixed monthly rent of Rs. 11 crores was specified in the agreement signed by Raiden Infotech Pvt Ltd, a subsidiary of Google Inc., and DC Development Noida Pvt Ltd, a company of Adani Enterprises Ltd.

Adani Enterprises, the parent company of the Adani Group, and Google did not respond to emails.

To build and run data centres across India, Adani Enterprises and renowned global data centre operator EdgeConneX launched an equal joint venture in February 2021.

A network of hyper scale data centres would be built in India, starting in Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad, according to the JV’s initial announcement.

Adani Enterprises received a 34,275 square metre plot of land in Sector 62 from Noida Authority in July 2021 in exchange for an estimated Rs 2,400 crore investment in building the data centre.

Adani Enterprises Ltd sold its whole ownership of DC Development Noida Pvt Ltd to AdaniConnex Pvt Ltd in November of last year. AdaniConnex Pvt Ltd is a 50/50 joint venture between Adani Enterprises and EdgeConneX.

The need for data centres in India has increased due to growing digitalization and regulatory push, according to research published last month by real estate consultant CBRE titled “Data Centres in India: Powering Up Real Estate in a Data-High Era.”

The COVID pandemic, it claimed, has sped up technological advancement and dramatically boosted data usage.

Furthermore, according to CBRE, advanced technologies like machine learning, 5G, blockchain, and artificial intelligence have caused a multi-fold increase in data transmission and a need for high-end servers. These technologies include OTT, online gaming, increased smartphone usage, e-commerce, online learning through edutech platforms, location-agnostic work, and e-commerce.

According to CBRE, India’s market for data centres has seen investments totalling USD 14 billion over the past five years. The total funding might reach USD 20 billion by 2025 as investors seek out properties with a reliable income.

Leave a Reply