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DLF India would invest over Rs 1,700 crore in Noida to create roughly 3.7 million square feet of office space and a data centre, according to a senior executive.
The real estate firm has leased around 360,000 square feet of space at the planned Noida IT Park to Singapore-based ST Telemedia Global Data Centres (STT GDC), with the option to double the size. In the project, DLF Office Space has also proposed office buildings.
With over 38 million square feet of finished office space, DLF is India’s largest office space operator. The company’s leadership expects strong demand for office space in the coming months.
DLF has also begun work on a 2 million square foot office complex in Gurugram, anticipating increased demand for Grade A office space in the next year.
The corporation plans to invest Rs 1,500 crore in the development of office space in Gurugram and Chennai.
DLF said in the third quarter ending in December that its office business was on the mend. This, however, might be jeopardised if another large rise in Covid – 19 cases – occurs.
The rebound in this area is likely to be led by increase in digitisation, digital transformation, and significant recruiting plans for IT/ITeS enterprises. The long-term business fundamentals and attractiveness of India as a service market remain unchanged.
According to international real estate advising company Savills India, Delhi-NCR is likely to reach 8.1 million sq ft in 2022 as a result of a vigorous vaccination programme and a gradual return of employees to the office.
During the year, gross absorption reached 7.8 million square feet, up 79 percent year over year, indicating a significant comeback in office demand.
In 2022, the IT industry is predicted to remain a prominent occupier, but demand from other industries such as BFSI and co working is expected to improve.
In addition, due to minor rental corrections, DLF Properties in Gurgaon contributed the most to leasing activity, accounting for 63%, followed by Noida (32%).
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