Recently, Hyderabad saw top MNCs leasing over 8.7 lakh sq ft of office space in the city with rents ranging from Rs 70 lakh to Rs 3.15 crore, documents accessed by Propstack show.
In four separate deals, signed on May 28, companies like Qualcomm India, LTIMindtree, IBM India, and S&P Capital IQ India Pvt Ltd, have leased the spaces in different parts of the city.
Qualcomm leases 4.14 lakh sq ft
Qualcomm India Private Limited has leased over 4.14 lakh sq ft in the posh business hub of Hitech City with a monthly rent of Rs 3.15 crore.
The office units, spread across five floors (18-22), are located in the prime The Skyview building. The company paid a security deposit of Rs 16.4 crore and the lease commenced on February 12, 2024.
The rent, with a lease period of 5 years, will escalate by 7 percent after the first year and 15 percent after 15 years, the document showed.
The landlord is Divija Commercial Properties Private Limited, part of RMZ Corp.
IBM India leases 1.06 lakh sq ft
IBM India Private Limited has leased 1.06 lakh sq ft of space in Divyasree Orion --- a 26-acre campus in the prime Gachibowli area. The company paid a security deposit of Rs 4.21 crore and pays a monthly rent amount of Rs 70.23 lakh. The landlord is Midas Projects Private Limited.
The office space is located on 10th and 11th floor. The document shows that the lease commenced on April 15, 2024, for a period of 5 years. There will be a 4 percent escalation in rent after every 5 years, the document adds.
S&P Capital IQ India leases 2.41 lakh sq ft
S&P Capital IQ India, the research division of S&P Global, has leased 2.41 lakh sq ft Hightech City's The Skyview building with a monthly rent of Rs 1.77 crore.
The company paid a security deposit of Rs 10.6 crore and the lease started on April 1, 2024, the document showed. The lease period is for 5 years with an escalation of 15 percent after 2 years.
The office spaces are located on the 19, 20, and 21 floors and the seller is Divija Commercial Properties Private Limited, part of RMZ Corp.
LTIMindtree leases 1.09 lakh sq ft
In the same The Skyview building, LTIMindtree Limited has leased 1.09 lakh sq ft for a rent of Rs 89.18 lakh.
The office units are located on the 14th and 15th floors with a security deposit of Rs 6.2 crore.
The lease commenced on May 1, 2024, for a period of 5 years with an escalation of 5 percent for every year.
The seller is Divija Commercial Properties Private Limited, part of RMZ Corp.
A query sent to Qualcomm India, LTIMindtree, IBM India, and S&P Capital IQ India Pvt Ltd did not get any response.
Hyderabad realty boom
Experts said the city's IT-ITeS sector, infrastructure development, and overall business ecosystem are likely to sustain demand for quality housing and commercial spaces.
According to ANAROCK Research, Hyderabad's residential market has exhibited robust growth between 2021 and Q1 2024, with a cumulative total of approximately 218,800 new residential units launched and 154,300 units sold. The year 2023 recorded nearly 76,300 units launched and 61,700 units sold.
West Hyderabad, the zone with the highest concentration of office spaces, has seen even stronger growth. “Average residential capital values in this region have increased by 52 percent in the same period. Currently, the average price per square foot stands at Rs 7,200,” Prashant Thakur, Regional Director & Head – Research, ANAROCK Group said. Land prices, which had appreciated by over 30 percent in the last three years, have contributed significantly to the price hikes.
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