Maruti leases 270,000 sq ft at Tag Avenue in Gurgaon

Maruti leases 270,000 sq ft at Tag Avenue in Gurgaon

Maruti Suzuki, the largest passenger car maker in India, has leased 270,000 sq ft of Tag Avenue, a commercial building in Gurgaon, two persons aware of the development said.

Haryana Chief Minister Manohar Lal Khattar had last year requested that the automobile giant shift its corporate office to Gurgaon while allotting 900 acres of land to Maruti Suzuki India Limited and Suzuki Two Wheeler India Private Limited in Haryana.

The company’s corporate headquarters is currently at Nelson Mandela Marg in New Delhi, and it also has another office in Gurgaon’s Udyog Vihar.

“There is no plan to shift the corporate office from the current location,” said Rahul Bharti, Executive Director, Corporate Affairs, Maruti Suzuki India Limited.

Gurgaon-based Tag developer declined to comment.

The Haryana government is working on the development of an industrial and commercial town spread across 3,300 acres near Kharkhoda (Sonipat) and an industrial model town (IMT) at Sohna over an area of nearly 1,400 acres.

Maruti Suzuki India Ltd. is establishing a project with an investment of Rs 18,000 crore, and Suzuki Motorcycle India Pvt. Ltd. is establishing a project with an investment of Rs 1,466 crore at IMT Kharkhoda.

According to international property consultant Cushman & Wakefield, in Q3-2023, Delhi NCR witnessed a gross leasing of 3.4 million square feet, which was a marginal decline of 4% on a quarterly basis and a 11% drop when compared to Q3-2022.

However, Q3-2023 gross leasing volume was in line with the quarterly average of the past 8 quarters, broadly suggesting sustained demand in the region.

The quarterly activity was driven by fresh leases, with a share of 59%. Pre-commitments saw an increase in share this quarter, constituting 33% of leasing activity, while term renewals constituted merely 8% of the overall activity.

Gurugram continued to capture the majority of the leasing activity, with a 74% share, driven by submarkets such as Cyber City, NH8 Prime, and Golf Course Road Extension. Noida, on the other hand, contributed 24% to the leasing activity, with Noida Expressway and Noida City 2 being the prominent submarkets.

Source : ET

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