DLF to earn Rs 375 cr rent/yr from new commercial project in Gurugram; pre-leases nearly 100 pc area

Real estate major DLF has almost completely leased its commercial project in Gurugram, Haryana comprising 2.5 million sq ft area, and expects to earn a rental of about Rs 375 crore annually, a senior company official said.

The 12-acre project 'Cyber Park' has been developed by DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and GIC, at an estimated cost of about Rs 1,500 crore. It has office space with a small retail area.

"We have pre-leased nearly 100 per cent area in this Grade-A commercial project," DLF group MD (Rental Business) Sriram Khattar told PTI.

The company expects to get occupancy certificate for this project soon, he said.

DCCDL expects a rental income of Rs 365-375 crore per annum from this project, Khattar said.

In an investors presentation, DLF had last month said that the rental income from this project would start from October.

Khattar said the demand for quality office space is high across major cities from corporates and co-working companies.

In 2016, DLF had given a contract to L&T to construct this project, comprising three towers, as per LEED platinum green certification norms.

According to market sources, corporates which have taken space in this project include Bank of America, Reckitt Benckiser, Siemens, E&Y, Sterlite, Trilegal, WPP, JLL and WeWork, among others.

DCCDL currently earns a rental income of over Rs 2,900 crore from 30 million sq ft of leased commercial properties. With this project becoming operational, the rental income will go up further.

In 2017, DLF-GIC JV was formed when the promoters of the realty firm sold their stake in DCCDL to the Singapore sovereign fund GIC.

Promoters sold 40 per cent stake in DCCDL for Rs 12,000 crore. This deal included sale of 33.34 per cent stake to GIC for Rs 9,000 crore and the remaining shares were bought back by DCCDL.