In a recent development, the Assotech Realty gave 1.5 lakh sq ft of prime office space on lease to IndiaMART InterMesh Ltd in its commercial project in Noida, Uttar Pradesh.
The company finalized this deal at an annual rent of more than Rs. 7 crore. Assotech Realty is constructing 18 lakh sq ft of commercial project in Noida and this project will comprise of office, retail and serviced apartments. Located at Sector 135 on the Noida expressway the first phase of this project is already completed and is spread over 10.8 lakh sq ft.
Neeraj Gulati, Assoctech Realty Managing Director said that IndiaMART has leased 1.5 lakh sq ft office space in our project Assotech Business Cresterra. This office is designed to have a seating capacity of approximately 2,000 employees.
He further said that the leasing transaction has been done at Rs 40 per sq ft per month and also mentioned that the Noida market is emerging as an affordable commercial real estate hub with lower rentals in comparison to Gurugram.
Gulati also informed that this deal also put the first phase of this project on complete lease.
Prior to this, the company had leased 3 lakh sq ft to Birlasoft, 30,000 sq ft to Dynata, 16,000 sq ft to Regus and 8,000 sq ft to Agastan. The company also sold approximately 2.5 lakh sq ft area.
In the first phase, there is 75,000 sq ft of retail space and 195 serviced apartments that are managed by Lemon Tree Hotels and CBRE, the property consultant is roped in for facility management.
The leasing agreement is signed for nine years by Indiamart CEO Dinesh Gulati and Assotech Realty Director Salil Kumar.
The construction of the second phase is likely to be completed by the second half of 2020.