Maruti has taken 270,000 square feet of land on lease in TAG Avenue, Old Delhi Gurgaon Road, Sector 21, Dundahera, Gurugram : Maruti Suzuki, the biggest car company in India, has rented a big space of 270,000 square feet in a commercial building called Tag Avenue in Gurgaon. It was revealed by two people who know about the situation.
Last year, Haryana’s Chief Minister, Manohar Lal Khattar, had asked Maruti Suzuki to move its main office to Gurgaon. As an incentive, he granted them 900 acres of land in Haryana for their operations.
Maruti Suzuki’s main office is presently on Nelson Mandela Marg in New Delhi, and they also have an office in Gurgaon’s Udyog Vihar.
Also Read : 4 BHK Ultra Luxury Builder Floors, West Facing Malibu Town
Rahul Bharti, who is the Executive Director of Corporate Affairs at Maruti Suzuki India Limited, has stated that there are no intentions to move their main office from its current spot.
The developer of Tag Avenue in Gurgaon didn’t want to comment on this.
The Haryana government is working on two big projects: one is an industrial and commercial town covering 3,300 acres near Kharkhoda in Sonipat, and the other is an industrial model town (IMT) in Sohna, spanning nearly 1,400 acres.
Maruti Suzuki is investing Rs 18,000 crore in a project, and Suzuki Motorcycle is putting in Rs 1,466 crore at IMT Kharkhoda.
In the third quarter of 2023, Delhi NCR saw a total leasing of 3.4 million square feet of space, which is slightly less than the previous quarter (4% decline) and considerably less than the same period in 2022 (11% decrease), as reported by international property consultant Cushman & Wakefield.
Also Read : The Perfect Opportunity: Why Now is the Best Time to Buy Property in Sohna, Gurugram
In the third quarter of 2023, the amount of space leased in Delhi NCR was quite steady and matched the average of the past two years. This indicates that there is a consistent demand for commercial space in the region.
Most of the leasing activity in this period came from new lease agreements, making up 59% of the total. There was also a rise in pre-commitments, which accounted for 33% of the leasing, while renewals of existing leases made up just 8%.
Gurugram remained the leader in leasing activity, with 74% of the share, driven by areas like Cyber City, NH8 Prime, and Golf Course Road Extension. Noida contributed 24% to leasing activity, mainly from Noida Expressway and Noida City 2.
Also Read : 4BHK Independent Duplex House, Sector 31, Gurugram
Source : Economic Times
