Wipro streamlines operations with Bengaluru, Hyderabad properties sale

Wipro is in the process of selling two office properties in Bengaluru and Hyderabad as part of its strategy to monetise non-core real estate holdings and streamline operations. The assets include portions of its campuses in Gachibowli, Hyderabad, and Electronic City, Bengaluru, according to individuals familiar with the company's property divestment plans. The decision to divest these assets is driven by Wipro's recognition of them as non-core, with the aim of consolidating operations across different cities in light of the company's adoption of a hybrid work model. The technology firm is looking to divest 14 acres of land in Gachibowli and is evaluating whether to divest the entire Electronic City campus in Bengaluru. A source stated, Wipro will consolidate its operation in Bangalore and is still deliberating if the entire 25 acres should be monetised in one go. They may opt for a five-acre monetisation in the first phase in Bangalore. Responding to inquiries, a Wipro spokesperson stated, Wipro does not comment on rumors and speculation. Wipro currently operates three properties in Bengaluru, including a 25-acre campus in Electronic City. In Hyderabad, the company owns three campuses in the financial district and Manikanda. Some of the identified assets were allotted to the company by the government over two decades ago, according to another source. As India's fourth-largest IT firm, Wipro has recently implemented a compulsory hybrid work policy, requiring employees to spend a minimum of three days in the office. The company communicated to its employees that this policy would take effect starting November 15. In the September quarter, Wipro's employee count was 244,707, with an attrition rate of 15.5%. The shift towards a hybrid work model is transforming India's real estate landscape, emphasising space as a facilitator of collaboration rather than simply a place of occupancy. Moreover, several IT companies have recently announced their decision to halt hiring activities.