The company will be paying total rent of nearly ₹70 crore for these five years including a 4.5% rent escalation after every 12 months. The agreement provides the Bajaj Group company an option to extend the term of the lease up to 15 years at market rates then. "The deal was concluded and registered earlier this week. Bajaj Electricals is expected to start the fitout work soon and likely to move in by September or October," said one of the persons mentioned above.