DLF leases 3 million sq ft office space in 2013-14

India's largest real estate developer DLF Wednesday said it leased out three million sq ft of office space in the financial year ended March 31, 2014. More than half of it is in Gurgaon.

Of the three million sq ft it leased out, a record 1.7 million sq ft has been leased out in Gurgaon alone, the company said in a statement.

"This has been achieved despite intense competition in the office leasing space and a subdued economic environment," it said.

The lease rentals witnessed stable to healthy increases in various micro markets.

Significantly most tenants who are completing the 9-year-lease term in DLF CyberCity, Gurgaon, chose to renew their leases reinforcing their faith and relationship with DLF, the statement said.

DLF Offices has approximately 27 million sq.ft. of leasable space pan India with certain projects having achieved above 95 percent occupancy.

"Our infrastructure initiatives, especially the mass transport and value adds like accessible health-care, entertainment, dining and engagement avenues like Cyber Hub at Cybercity Gurgaon, have established new industry benchmarks," said Amit Grover, national director at DLF Offices, the offices leasing and management arm of DLF.

"Our partnership approach for structuring space solutions and working on client feedback is well reciprocated by existing clients, resulting in expanding their presence in DLF offices," Grover said.