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In Gurgaon, Maruti rents 270,000 square feet at Tag Avenue

17 Oct 2023 , 11:46 AM

According to news reports, Gurgaon's Tag Avenue, a commercial building, has been leased by Maruti Suzuki, the country's largest manufacturer of passenger cars.

Manohar Lal Khattar, the chief minister of Haryana, had asked the car manufacturer to relocate its corporate headquarters to Gurgaon last year while also giving Maruti Suzuki India Limited and Suzuki Two-Wheeler India Private Limited 900 acres of land in Haryana.

The company has an office at Udyog Vihar in Gurgaon and its corporate headquarters are currently located at Nelson Mandela Marg in New Delhi.

As stated by Rahul Bharti, Executive Director, Corporate Affairs, Maruti Suzuki India Limited, there are no plans to move the corporate office from its current site.

The Haryana government is constructing an industrial and commercial town on 3,300 acres close to Kharkhoda (Sonipat) and an industrial model town (IMT) on over 1,400 acres at Sohna.

Maruti Suzuki India Ltd. is investing Rs 18,000 crore in a project at IMT Kharkhoda, while Suzuki Motorcycle India Pvt. Ltd. is investing Rs 1,466 crore in a project there.

According to global real estate advisor Cushman & Wakefield, Delhi NCR had gross leasing of 3.4 million square feet in Q3 2023, an 11% decrease from Q3-2022 and a slight quarterly reduction of 4%.

However, the gross lease volume for the third quarter of 2023 was consistent with the quarterly average for the previous eight quarters, broadly indicating continuing demand in the area.

With a 59% share of the quarterly activity, new leases were the main driver. Pre-commitments, which made up 33% of lease activity this quarter, witnessed an increase in share, while term renewals made up just 8% of the total activity.

With a 74% share of the leasing market, Gurugram continues to dominate, propelled by submarkets including Cyber City, NH8 Prime, and Golf Course Road Extension. On the other hand, Noida, with Noida Expressway and Noida City 2 as the key submarkets, contributed 24% to the leasing activity.

For feedback and suggestions, write to us at editorial@iifl.com

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