The Bharat Sanchar Nigam Limited ( BSNL ) has approved the leasing of a portion of its office premises at BSNL Bhavan, Adarsh Nagar, Hyderabad, to the Goods and Services Tax Appellate Tribunal ( GSTAT ) on ‘as is where is’ terms.
The lease, sanctioned by the competent authority, involves the part 8th and 9th floors of the building and has been finalized on an “As Is Where Is” basis. Notably, the arrangement includes an initial rent-free period of 12 months for the client organization, GSTAT.
As per the lease terms, BSNL has agreed to lease out a built-up area of 21,103 square feet on the 8th and 9th floors at a monthly rental rate of ₹63.06 per square foot. In addition, 8,000 square feet of parking space will be provided at the rate of ₹13 per square foot. The total monthly rental value comes to ₹14,34,755 plus applicable GST.
Know How to File Appeals in GSTAT, Click Here
In accordance with Section 7.3 of the CROP Policy 2020, the Chief General Managers (CGMs) are empowered to negotiate and sign the Standard Lease Agreement (SLA) proposed by tenant organizations, specifically public sector organizations and banks, if the terms and conditions diverge from BSNL’s standard SLA.
However, it must be ensured that all statutory requirements and policy provisions under the CROP-2020 Policy, along with its latest amendments, are duly complied with by the concerned Circle Management to safeguard BSNL’s interests.
The lease document is to be signed forthwith, and only after its signing will the building be handed over to the GSTAT for repair and refurbishment purposes.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
