French multinational IT services and consulting company Capgemini Technology Services India Pvt Ltd has renewed its lease for two office assets spread over three lakh square feet (sq ft) in Hyderabad's Kokapet area, documents accessed by Propstack show.
The lease period for both assets is five years and was leased from GAR and Sons Builders, the lease deed shows.
The first asset is spread across the ground to the fifth floor, spread across about 2,27,569 sq ft, in Tower 3 of the Laxmi Infobahn building. The lease period commenced on April 1, 2023. The monthly rent is Rs 78.5 lakh (at Rs 34.5 per sq ft).
The second asset includes the sixth and seventh floors in the same tower, spread across about 86,810 sq ft. The lease period commences on August 15, 2023, at a monthly rent of Rs 35.9 lakh (at Rs 41.4 per sq ft), the document showed.
Both agreements include additional maintenance charges for the common areas at Rs 11.49 per sq ft. The agreements include an escalation clause wherein the rent will increase by 15 percent after a year and another 15 percent after 36 months.
The total refundable deposit for both assets stands at about Rs 13 crore, the document showed.
Capgemini Technology Services India Pvt Ltd and GAR and Sons Builders have yet to respond to emails sent for comment. The story will be updated if they respond.
The April-June quarter of 2023 recorded 14.6 million square feet (msf) of gross absorption of office space across the top six cities, up 2 percent from 14.3 msf last year, indicating a rebound after a cautious first quarter. Bengaluru and Chennai led the leasing growth at 23 percent each, a report by Colliers said.
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