Walmart leases 4.6 lakh sq ft in Chennai for Rs 3.26 crore monthly rent

The rent payable by Walmart will escalate by 4 per cent every year across the lease period that started on January 1, 2025

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. Additionally, Walmart operates a large chain of hypermarkets, discount department stores, and grocery stores in the US and 18 other countries, including India.