AIPL to take rental portfolio to 5 million sq ft

05 Sep 2024 CW Team

Realty developer AIPL is planning to expand its rental portfolio to nearly 5 million sq ft with several retail and office complexes currently under construction, according to a senior executive. The majority of the company?s commercial projects are located in Delhi-NCR, with some also in Punjab.

At present, the company operates 1.4 million sq ft, and by the second quarter of 2025, two projects, AIPL Statement and AIPL Autograph, with a combined leasable area of 3.5 million sq ft, are expected to be completed. AIPL Masterpiece, another of the company?s projects, is home to corporates such as Perfetti, which has leased 36,000 sq ft, and Samman Capital, which has taken approximately 16,500 sq ft.

Ishaan Singh, Director of AIPL Group, mentioned that the company is committed to consistently delivering high-quality office spaces that meet the evolving needs of modern businesses. He added that the AIPL Business Club, with its modern infrastructure and world-class amenities, has successfully attracted leading corporates looking to expand their operations.

A recent Cushman & Wakefield report highlighted strong occupier demand, with pan-India leasing volumes remaining robust in the first quarter of 2024, surpassing the 20 million sq ft mark for the third time since the post-COVID period. Achieving gross leasing of over 20 million sq ft for two consecutive quarters is a notable record for the office real estate market, indicating increased activity in India. Bengaluru continued to be a key market, contributing a significant share of fresh demand, with several large deals being finalised. Mumbai, Delhi-NCR, and Hyderabad also reported strong lease transactions, while Hyderabad led the supply additions in the first quarter, followed by Bengaluru and Delhi-NCR.

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