Vatika Group, a renowned name as Realty developer decided to lease 700,000 sq. ft. of office space to Google in its building that is under construction in Gurgaon, Haryana. With the investment of Rs 1,200 crore, the project named “One on One” located on National Highway is spread across 2.2 million sq. ft. The project is being developed in two phases out of which the first the Google Office, that is under construction, will be ready by May 2020 and will cater to around 1100+ employees as well as support staff. The rest will take 18-24 months to be completed.

The people who were aware of the matter updated that Google will pay rent of about Rs 115 per sq. ft. This rental process will stretch for 25 years. The rental is comparatively lower than what Google is paying for office spaces of about 300,000 sq. ft, leased in the year 2015. The capital of the newest lease deal could not be confirmed immediately.

The managing director of Vatika Group said, “We are proud to be associated with Google and deliver one of the most prestigious projects to them. Our commercial spaces are designed to be energising, efficient and productive. This commercial project enjoys superior connectivity and infrastructure.”

Goldman Sachs, the U.S. banking titan, invested Rs. 610 crore in Vatika Group recently. Out of the whole amount, Rs 243 crore is going to be used in the facilitation of the construction, meeting the needs of the first phase of the project. 6.1 million sq ft of retail and commercial space has been delivered by Vatika and over 15 million sq ft is under planning, design and construction.

The real estate company has a wide range of commercial projects that are spread across the prime locations in Delhi NCR, including Golf Course Road, Sohna Road, Golf Course Extension Road, MG Road, Mathura Road and NH-8. Vatika Gurgaon has broadened into townships, education, hotels, residential and commercial projects, facilities management and business centres.

Ashish Arora, the director at Viridian Real Estate Development is in the opinion that “The rise in demand for commercial real estate is observed with improved occupancy and rentals. The industry has witnessed high growth because of increased penetration of e-commerce and demand for quality workplaces.”

Earlier this month, Vatika leased around 100,000 sq ft of office space in Sector 44, Gurgaon to Dentsu Aegis Network, a UK-headquartered media and digital marketing communications company. The project is being constructed on a ”build to suit” model with a total investment of Rs 65 crore, constructed to match the design and physical specifications of a particular user.

Source: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/vatika-leases-7-l-sq-ft-office-space-to-google/articleshow/74167022.cms

Share on Facebook
Tweet
Follow us