IndiaBulls – CNA

Indiabulls Properties renegotiating lease agreements with tenants

Singapore-listed Indiabulls Properties Investment Trust said Wednesday it is currently re-negotiating lease agreements with tenants of its One Indiabulls Centre.

The property trust, which owns office properties in India, said that due to the global financial crisis, market conditions in India have deteriorated and rental rates for office space in Mumbai have dropped significantly.

It said some tenants of One Indiabulls Centre have recently renegotiated terms of their leases to reduce the monthly rental charges.

Indiabulls said it is currently in negotiations with the remaining tenants.

It continued to say that apart from rentals, other terms such as deposits payable and the size of the office space to be leased have also been revised downwards.