Assotech Realty rents an office space of 1.5 lakh square feet to IndiaMART in the Noida project for Rs 7 cr rent/year

New Delhi, July 22 () Assotech Realty has leased 1.5 lakh square feet of prime offices to IndiaMART InterMesh Ltd in its commercial project in Noida, Uttar Pradesh, at an annual rental of more than Rs 7 million.

Assotech Realty is developing a commercial project of 18 lakh square feet, which includes offices, commercial premises and apartments in Sector 135 on the Noida highway. The first phase comprising 10.8 lakh square feet has already been completed.

IndiaMART has leased 1.5 lakh square feet of offices in our Assotech Business Cresterra project, said Assoctech Realty CEO Neeraj Gulati.

The office will have a capacity of around 2,000 employees.

The lease transaction was made at 40 rupees per square foot per month, he said, adding that the Noida market is becoming an affordable commercial real estate center with rents much lower than Gurugram.

With this transaction, Gulati said that the first phase of this project is fully leased.

Previously, the company had leased 3 lakh square feet to Birlasoft, 30,000 square feet to Dynata, 16,000 square feet to Regus and 8,000 square feet to Agastan. Around 2.5 lakh square feet area were sold.

The first phase has 75,000 square feet of commercial space and 195 apartments with services managed by Lemon Tree Hotels. The real estate consultant CBRE has been hired to manage the facilities.

The nine-year lease was concluded by the CEO of Indiamart, Dinesh Gulati, and the director of Assotech Realty, Salil Kumar. The construction of the second phase is expected to be completed in the second half of 2020. MJH HRS