DLF gives on lease 2 lakh sq ft office space in Gurugram

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DLF gives on lease 2 lakh sq ft office space in Gurugram
New Delhi, Feb 3 () Realty firm DLF has given on lease about 2 lakh sq ft office space to social media platform Facebook in Gurugram, sources said.

The leasing transaction has been done at around Rs 135 per sq ft a month, the sources said adding that the space has been taken in DLF Atria building at Cybercity in Gurugram, Haryana.

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When contacted, DLF Managing Director (Rental Business) Sriram Khattar said, "We do not comment on individual deals due to client confidentiality."

An e-mail sent to Facebook remained unanswered. The social media platform had an estimated 328 million user base as on September 2019.

DLF has a rental portfolio of about 36 million sq ft, of which around 32 million sq ft is office space and rest retail properties. It earns over Rs 3,000 crore rental income annually from these leased assets.

The rental assets are being held by DLF's joint venture firm DLF Cyber City Developers Ltd (DCCDL). Singapore's sovereign wealth firm GIC has 33 per cent stake in DCCDL, while realty major has 67 per cent shareholding.

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"Our highest standards of compliance, safety and sustainability coupled with our passion for customer delight does attract occupiers to our properties. DLF has a demonstrated record of unwavering commitment towards providing the highest quality standards at affordable rentals," Khattar told .

With commercial real estate performing well despite overall slowdown in the real estate market, DLF has started construction of another 20 million sq ft area in Gurugram and Chennai.

Office space leasing touched an all-time high in the calendar year 2019 as per the reports of various real estate consultants.

To monetise its commercial assets, DLF in December 2017 entered into a joint venture with Singapore sovereign fund GIC when DLF promoters sold their entire 40 per cent stake in DCCDL for nearly Rs 12,000 crore.

This deal included sale of 33.34 per cent stake in DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by DCCDL.

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DLF has so far developed 153 real estate projects comprising 331 million sq ft. It has a land bank of 192 million sq ft. MJH HRS
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