Unitech leases office space to Google; to get `600 cr rental
BY PTI24 Aug 2015 2:03 AM GMT
PTI24 Aug 2015 2:03 AM GMT
According to sources, Google has taken on lease a little over 4,30,000 square feet of office space in Unitech's office building 'Unitech Signature Tower- II'.
The leasing has been done at Rs 120-130 per square feet, sources said, adding that the deal would lead to rental revenue of around Rs 600 crore over the 9-year lease period. With this leasing deal, search engine giant Google would fully occupy this building. Google had earlier occupied more than 1.25 lakh square feet of space in Signature Tower II.
When contacted, a Unitech spokesperson said, "We do not comment on individual transactions of sale or leasing, as it is part of our regular ongoing business." Although the real estate market is facing a huge slowdown for last 3 years, the office segment has been doing well.
The office space leasing increased by 11 <g data-gr-id="19">per cent</g> in 2014 to nearly 30 million square feet in seven major cities on higher demand from corporates looking for expansion, according to property consultant JLL India.
These seven cities are Delhi, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata. Absorption of office space is on upswing this year as well on higher demand from e-commerce players such as Flipkart, Amazon and Snapdeal.
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