This Lease Deed is made at Pune on 1 April 2026.
BETWEEN
Shreeji Estates Private Limited, an individual, holding PAN AABCS1234F and GSTIN 27AABCS1234F1ZQ, of X, acting through Mr Rakesh Shah, Director, duly authorised (the "Landlord", which expression includes its successors in title and permitted assigns) — of the ONE PART;
AND
Northline Logistics Private Limited, an individual, holding PAN AACCN5678K and GSTIN 27AACCN5678K1Z5, of X, acting through Ms Anita Rao, Authorised Signatory, duly authorised (the "Tenant", which expression includes its successors and permitted assigns) — of the OTHER PART.
The Landlord and the Tenant are each a "Party" and together the "Parties".
A. The Landlord is lawfully seised and possessed of, and is entitled to grant a lease of, the godown described in Schedule A (the "Premises").
B. The Tenant has inspected the Premises and its access, structure, flooring and services, and has agreed to take the Premises on lease for the use set out in Clause 5, and the Landlord has agreed to grant that lease, on the terms below.
C. The Premises form part of MIDC Chakan Industrial Area, Phase II and are held subject to the terms of allotment and the regulations of the corporation or authority administering that estate (the "Estate Authority").
NOW THIS DEED WITNESSES AS FOLLOWS:
1.1 The Landlord hereby grants to the Tenant, and the Tenant hereby takes, a lease of the Premises for a term of 9 year(s) and 6 month(s) commencing on 2 April 2026 (the "Term"), together with the right to use the common access roads, gates and services serving the Premises.
1.2 This Deed creates a lease within the meaning of s.105 of the Transfer of Property Act, 1882. The Tenant shall have exclusive possession of the Premises during the Term, subject only to the Landlord's rights of entry under Clause 9. This Deed is not a leave and licence arrangement, and neither Party shall contend otherwise.
1.3 The Parties record that a lease for a term exceeding one year must be made by a registered instrument under s.107 of the Transfer of Property Act, 1882 and is compulsorily registrable under s.17(1)(d) of the Registration Act, 1908, and that an unregistered lease is inadmissible under s.49 of that Act. The Parties shall complete registration as provided in Clause 20.
2.1 The Tenant shall pay to the Landlord rent of ₹6,00,000 (Rupees Six Lakh only) per month (the "Rent"), exclusive of GST, in advance, on or before day 7 of each calendar month, by electronic transfer to the bank account the Landlord notifies in writing. Rent for a part month is payable pro rata.
2.2 Rent runs from the Commencement Date, save for any rent-free fit-out period stated in this Clause.
— The first 45 days from the Commencement Date shall be a rent-free fit-out period during which no Rent is payable. The Tenant shall nevertheless pay electricity, water and other consumption charges, any maintenance charge, and shall comply with every other obligation under this Deed during that period.
2.3 Unless a rent revision is stated in this Clause, the Rent shall remain unchanged for the whole of the Term.
— The Rent shall increase by five percent (5%) over the Rent then payable at the end of every twelve months from the date Rent first becomes payable, the increase taking effect from the first day of the following month and compounding at each revision.
2.4 Unless a different rate is stated in this Clause, Rent and other sums not paid when due shall carry simple interest at eighteen percent (18%) per year from the due date until payment. Interest is not a waiver of any other remedy.
— The Parties have agreed a rate of 15% per year for this purpose, in place of the rate stated above.
2.5 GST. Renting immovable property for business use is a taxable supply of service. All sums under this Deed are exclusive of GST. Where the Landlord is registered, the Landlord shall raise a valid tax invoice and the Tenant shall pay GST in addition to the Rent against that invoice. Where the Landlord is not registered under GST and the Tenant is registered, the Tenant shall discharge GST on the renting of the Premises under the reverse charge mechanism to the extent the law then requires, and shall not deduct that amount from the Rent. The Landlord shall report the supply correctly and file its returns on time so that the Tenant may take input tax credit, and shall reimburse the Tenant for any credit lost through the Landlord's default.
2.6 TDS. The Tenant shall deduct tax at source on the Rent at the rate and in the manner required by law — under s.194-I of the Income-tax Act, 1961 where that section applies to the Tenant, at the rate applicable to land and building (a lower rate applies to plant and machinery); under s.194-IB where the Tenant is an individual or Hindu undivided family to whom s.194-I does not apply, in which case no TAN is required, deduction is made once in the last month of the financial year or of the tenancy, and the deduction is reported in Form 26QC; and under s.195, at the rates in force and subject to any applicable double taxation avoidance agreement, where the Landlord is a non-resident. Deduction is required only where the rent crosses the threshold prescribed by the section that applies. The Tenant shall deposit the tax within time and furnish the certificate of deduction. Deduction and deposit is a good discharge of the Rent to that extent. If the Landlord produces a certificate under s.197 for deduction at a lower or nil rate, or — where the Landlord is a non-resident — a certificate under s.195(2) or s.197, the Tenant shall act on it from the date it is received. Where the Parties have agreed that any sum is payable to a non-resident Landlord free of tax, the sum shall be grossed up as s.195A of that Act requires.
3.1 The Tenant shall pay the Landlord an interest-free refundable security deposit of ₹36,00,000 (Rupees Thirty Six Lakh only) (the "Security Deposit") on or before the Commencement Date. Handover of the Premises is conditional upon its receipt.
3.2 The Security Deposit is not rent in advance. The Tenant shall not require it to be adjusted against Rent during the Term, and the Landlord shall not apply it towards Rent except on termination or expiry.
3.3 The Landlord shall refund the Security Deposit within 15 days of the Tenant handing over vacant and peaceful possession, and shall hand over possession and refund simultaneously wherever practicable. The Landlord may deduct only: arrears of Rent, maintenance and utility charges; the cost of making good damage beyond fair wear and tear; and reinstatement costs the Tenant is required to bear under Clause 15. Every deduction shall be supported by an itemised statement with invoices. Any amount not refunded in time carries interest at the rate applicable to late payment of Rent under Clause 2.
3.4 Unless the Parties agree otherwise in writing, the Security Deposit shall not be increased when the Rent escalates.
4.1 Municipal property tax, land revenue, cess and any estate service charge levied on the Premises as such shall be borne by the Landlord. Any tax, levy, fee or charge imposed on the Tenant's use, occupation, goods or business at the Premises shall be borne by the Tenant.
4.2 Electricity to the Premises is supplied through a separate meter installed in the Tenant's name. The Tenant shall pay all consumption, demand, fixed and minimum charges from the Commencement Date. The Landlord warrants that there are no electricity arrears in respect of the Premises as at the Commencement Date and shall clear any that emerge for the earlier period.
4.3 The Landlord shall make available to the Tenant the existing sanctioned electrical load of the Premises from the Commencement Date.
— The existing sanctioned load of the Premises is 150 kVA, and the Landlord warrants that it is subsisting and free of dispute.
4.4 Any enhancement of the sanctioned load, and any additional transformer, feeder, cabling, capacitor bank or generator set required for the Tenant's operations, shall be applied for and paid for by the Landlord. Whichever Party bears that cost, the Landlord shall sign and provide, without charge and within a reasonable time, every application, consent, no-objection and ownership document the distribution licensee requires from the owner of the Premises.
4.5 Water, sewerage, drainage, telecom and internet connections for the Tenant's operations are at the Tenant's cost.
4.6 Unless a maintenance charge is stated in this Clause, no separate common area maintenance charge is payable by the Tenant.
— The Tenant shall pay a common area maintenance charge of ₹24,000 (Rupees Twenty Four Thousand only) per month, along with the Rent, for the upkeep of the common access roads, security, common lighting, storm-water drains and landscaping of the estate or complex in which the Premises are situated. GST applies to this charge as it does to the Rent.
5.1 The Tenant shall use the Premises only for the following purpose, and for no other without the Landlord's prior written consent: Receipt, storage, palletised racking, order picking and dispatch of packaged fast-moving consumer goods, packaged foods in sealed cartons and general dry merchandise, together with ancillary office and driver-rest use.
5.2 The Premises shall not be used as a dwelling, nor for any unlawful purpose, nor for anything that renders any insurance of the Premises void or voidable, nor for any use prohibited by the terms on which the land is held.
5.3 Except as this Clause expressly permits, the Tenant shall not store, handle or bring on to the Premises any explosive, radioactive, highly inflammable, corrosive, toxic or otherwise hazardous substance, nor any goods requiring a licence under the Petroleum Act, 1934, the Explosives Act, 1884 or the rules made under them.
— The Landlord consents to the storage of the following, subject to the Tenant first obtaining and thereafter maintaining every licence, consent and approval required for it, and to the insurers of the Premises being informed: Class 3 flammable liquids in sealed drums up to 5,000 litres, stored in the designated bunded area, under a licence from the Chief Controller of Explosives and with the fire authority's approval.
5.4 The Tenant shall not impose on any floor, mezzanine, roof or structural member a load exceeding its safe design load. Before installing any racking system, mezzanine, heavy machinery, in-floor equipment or high-density storage, the Tenant shall obtain the Landlord's prior written approval, which the Landlord shall not unreasonably withhold where the Tenant produces a chartered structural engineer's certificate confirming the loads are within the design capacity of the structure.
— The Landlord states the safe floor load of the ground floor of the Premises to be 5,000 kg per square metre, and shall on request produce the structural drawings or consultant's certificate supporting that figure.