In a significant move reflecting the booming demand for commercial real estate in India, German IT services firm Nagarro Enterprise Services Pvt Ltd has signed a major lease agreement for office space in Gurugram. The firm has secured over 7.06 lakh sq ft of office space in the city’s Sector 18, located in the prominent Udyog Vihar area. The lease deal, which starts on January 1, 2025, amounts to a monthly rent of ₹2.90 crore for a duration of 12 years, with a three-year lock-in period. This transaction not only highlights the growing demand for premium office space in India’s key cities but also reinforces Gurugram’s standing as a prime destination for global companies seeking top-tier commercial properties.
Key Details of the Lease Agreement
Nagarro’s office space lease deal is one of the largest commercial leasing transactions in the region, offering insight into the current trends in India’s office space market. Here are the key details of the agreement:
- Leased Area: Over 7.06 lakh sq ft
- Location: Sector 18, Udyog Vihar, Gurugram
- Monthly Rent: ₹2.90 crore
- Lease Start Date: January 1, 2025
- Lease Duration: 12 years, with a three-year lock-in period
- Security Deposit: ₹10 crore
- Stamp Duty: ₹2.49 crore
- Rent Escalation Clause: 12% rent increase every three years
The space spans multiple levels, including the basement, five parking levels, and floors 6 to 14, and is developed by Chimera Developers LLP. This property is well-positioned to cater to Nagarro’s growing operational needs in the region and represents a significant commitment to Gurugram’s commercial real estate market.
Gurugram’s Growing Appeal in the Commercial Real Estate Market
Gurugram has been increasingly recognized as one of India’s leading commercial real estate destinations, attracting both global firms and domestic companies alike. This lease agreement by Nagarro underscores the city’s popularity for leasing high-end office space, driven by its proximity to Delhi, robust infrastructure, and a thriving corporate ecosystem.
The growth of India’s office space market is also evident in broader trends across the country. According to a real estate consultancy Vestian, office rents in India’s top seven cities have risen 4% to 8% year-on-year, driven by rapid urbanization, a robust economy, and growing global interest in premium office spaces.
- Delhi led the increase with an 8.2% rise in office rents to $0.9 per sq ft per month.
- Chennai, Mumbai, and Bengaluru also saw notable increases in office rent, indicating a broader national trend towards stronger demand for commercial space.
In comparison, key global markets have experienced mixed trends, with New York showing a 1.3% decline in office rents, highlighting the relative strength of India’s commercial real estate market.
Quote from Industry Experts
Praveen Singh, Head of Commercial Leasing at Propstack, commented on the transaction:
“This deal not only underscores Nagarro’s long-term commitment to India but also reflects the confidence global companies have in Gurugram’s office market. With rapid urbanization and a growing tech and IT services sector, demand for high-quality office spaces in the region is expected to remain strong.”
Summary Table: Key Lease Facts
| Aspect | Details |
|---|---|
| Leased Area | 7.06 lakh sq ft |
| Location | Sector 18, Udyog Vihar, Gurugram |
| Monthly Rent | ₹2.90 crore |
| Lease Start Date | January 1, 2025 |
| Lease Duration | 12 years |
| Lock-in Period | 3 years |
| Security Deposit | ₹10 crore |
| Stamp Duty | ₹2.49 crore |
| Rent Escalation | 12% increase every 3 years |
| Developer | Chimera Developers LLP |
FAQ Section
1. What is the total leased area for Nagarro’s office space in Gurugram?
Nagarro has leased over 7.06 lakh sq ft of office space in Gurugram’s Sector 18.
2. What is the monthly rent for this office space?
The monthly rent for the leased office space is ₹2.90 crore.
3. When does the lease agreement begin?
The lease agreement for the office space will begin on January 1, 2025.
4. What is the duration of Nagarro’s lease?
The lease is set for 12 years, with a three-year lock-in period.
5. What is the rent escalation clause in the lease agreement?
The lease includes a clause for a 12% rent escalation every three years.