Bharti Realty may invest 10 k crore to develop office space at Aerocity

Mumbai: Bharti Realty is planning to invest over Rs 10,000 crore to develop 10 million sq ft grade A office space in the next phase of expansion of Delhi’s Aerocity. Spread in about 100 acres near the Delhi airport, the proposed Gateway and Downtown districts will have an additional 2.5 million retail space, making it one of the biggest commercial district in the country.According to SK Sayal CEO, Bharti Realty Limited, the construction is expected to start by year end and within three years, they will start delivering at least a million in phases. Of the 10 million square feet space, Bharti plans to keep 20% of it as retail like it has done in the Worldmark one and two in the Aerocity.“Our plan is to develop one of the best project and this is going to be iconic. Such a premium area at that size is not available anywhere and with global companies coming to India, they will prefer Aerocity as their headquarter,” said Sayal.The two districts will have combination of multiple buildings and due to height restrictions, buildings can’t be beyond eight floor.“Gateway will be developed first and every six month we will keep on adding at least a million sq ft space. It will take 7-8 years to complete the project,” Sayal added. According to international property consultant Savills India, base rents remained largely stable across most micromarkets in 2019, in all 3 key cities comprising NCR, on a YOY basis.However, minor movements in rentals were recorded for some of the micromarkets. For instance, in Delhi, the Aerocity micromarket saw an increase of 5-7%.Current rentals at Aerocity are R 210 to R 250 and in phase two of Aerocity, the leasing will start around that rate and will go over R 300, making it one of the most expensive office space in the country.The phase one of Aerocity has 1.33 million square feet of mixed use but 80% of it is office space and almost 100% is leased out. “People are looking for more areas. We have started getting request for leasing but we are not in a hurry. We will start leasing when we are closer to completing the structure,” Sayal added.

from Economic Times https://ift.tt/2S3GLqa