DLF Building and Services Private Ltd, a promoter group entity has bought about 31,254 square feet of premium office space at Horizon Centre on Golf Course Road in Gurugram for Rs 81 crore as per showed documents accessed through FloorTap.com, which is also a marketplace for commercial properties.
The building is also the costliest office space tower in Gurgaon, which is space owned by Madhur Manini and has been leased to WeWork India.
SoftBank Group-backed startup WeWork filed for US bankruptcy earlier this month but this will also not impact its India operations. DLF was also originally constructed with several office floors for prominent families and corporations from 2014 to 2019.
Earlier, Mohan Exports, the parent company of Mohan Group, acquired about rs 27,000 sq ft in this complex for rs 80.66 crore from Hero Cycle.
In 2021, one of the leading leased-rentals companies also repurchased Hines ’51.8 % stake in one tower for Rs 780 crore. Currently, the DLF promoter and his family members hold 60% of the Horizon Centre.
According to the copy of the sale deed, the company is also paid rs 5.67 crore as stamp duty.
Net leasing of commercial office space in India will stagnate in this financial year at 32-34 million sq ft. According to ratings agency CRISIL, it comes with global uncertainties brewing caution with the key tenant categories.
However, it comes with the inherent strength of the Indian market and it comes with the increasing shift to return to office should also help to demand pick up over the medium term, keeping credit profiles of office asset owners stable.
India’s commercial office space has also been dominated by technology companies with information technology (IT) and it also comes with IT-enabled services companies occupying 42-45% of the operational stocks. It comes with Global Capability Centres of multinational corporations that have also emerged as a key category of tenants in the past few years, occupying around a third of the total stock.
Employers have also pushed for increased physical occupancy in offices, which may prove to be another tailwind for office leasing. Most of the companies also include those in technology, which also comes with the favoring work-from-home. It is also pushing for a return to the office on most days of the week. The physical occupancy also comes with an average of 40% last fiscal which is also expected to be 65-70% this fiscal.
