DLF Group entity acquires priciest office in horizon centre, Gurgaon

23 Nov 2023 CW Team

This building stands out as the most expensive office space tower in Gurgaon. The acquired space, formerly owned by Madhur Maini, was leased to WeWork India. Despite WeWork, a startup backed by SoftBank Group, filing for US bankruptcy protection, its India operations remain unaffected.

Originally constructed by DLF, the building had witnessed several office floor sales to notable families and corporations between 2014 and 2019. However, DLF discontinued further sales after that period.

In a similar development, Mohan Exports, the parent company of the Mohan Group, secured around 27,000 square feet for Rs 806.6 million from Hero Cycles within the same complex.

DLF, a prominent lease-rentals company, had repurchased Hines' 51.8% stake in one tower for Rs 7.8 billion in 2021. Presently, DLF and its family members collectively hold 60% of the entire Horizon Centre.

According to the sale deed, DCCDL?s subsidiary paid Rs 56.7 million as stamp duty.

CRISIL, a rating agency, predicts a stagnation in net leasing of commercial office space in India at 32-34 million square feet for the current fiscal year due to global uncertainties impacting key tenant categories. However, the inherent strengths of the Indian market and the increasing trend to return to office work are expected to drive demand over the medium term, maintaining the credit profiles of office asset owners.

India's commercial office space is predominantly occupied by technology companies, with IT and IT-enabled services (ITeS) entities making up 42-45% of the operational stock. Global capability centers (GCCs) of multinational corporations have also emerged as significant tenants in recent years, occupying about a third of the total stock.

A potential tailwind for office leasing is the push from employers for increased physical occupancy in offices. Many companies, including those in the technology sector that were previously inclined towards work-from-home, are now advocating for a return to the office on most days of the week. Physical occupancy, which averaged 40% last fiscal year, is anticipated to reach 65-70% in the current fiscal year.

DLF Building and Services, an entity within the DLF Group, has recently acquired approximately 31,254 square feet of high-end office space at Horizon Centre on Golf Course Road in Gurgaon for a sum of Rs 810 million, as revealed by documents accessible on FloorTap.com, a commercial property marketplace. This building stands out as the most expensive office space tower in Gurgaon. The acquired space, formerly owned by Madhur Maini, was leased to WeWork India. Despite WeWork, a startup backed by SoftBank Group, filing for US bankruptcy protection, its India operations remain unaffected. Originally constructed by DLF, the building had witnessed several office floor sales to notable families and corporations between 2014 and 2019. However, DLF discontinued further sales after that period. In a similar development, Mohan Exports, the parent company of the Mohan Group, secured around 27,000 square feet for Rs 806.6 million from Hero Cycles within the same complex. DLF, a prominent lease-rentals company, had repurchased Hines' 51.8% stake in one tower for Rs 7.8 billion in 2021. Presently, DLF and its family members collectively hold 60% of the entire Horizon Centre. According to the sale deed, DCCDL?s subsidiary paid Rs 56.7 million as stamp duty. CRISIL, a rating agency, predicts a stagnation in net leasing of commercial office space in India at 32-34 million square feet for the current fiscal year due to global uncertainties impacting key tenant categories. However, the inherent strengths of the Indian market and the increasing trend to return to office work are expected to drive demand over the medium term, maintaining the credit profiles of office asset owners. India's commercial office space is predominantly occupied by technology companies, with IT and IT-enabled services (ITeS) entities making up 42-45% of the operational stock. Global capability centers (GCCs) of multinational corporations have also emerged as significant tenants in recent years, occupying about a third of the total stock. A potential tailwind for office leasing is the push from employers for increased physical occupancy in offices. Many companies, including those in the technology sector that were previously inclined towards work-from-home, are now advocating for a return to the office on most days of the week. Physical occupancy, which averaged 40% last fiscal year, is anticipated to reach 65-70% in the current fiscal year.

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