+
Smartworks leases 450,000 square feet in Gurugram
ECONOMY & POLICY

Smartworks leases 450,000 square feet in Gurugram

Flexible workspace provider Smartworks has secured a lease for 450,000 square feet at the ASF Insignia Campus in Gurugram. This site primarily functions as a special economic zone (SEZ), and the company plans to adapt some of the space for non-IT tenants. Notably, Zomato has leased approximately 750 seats within this facility.

“Gurgaon is a key market for us. Our expansion aligns with our growth strategy to acquire large properties across India, enabling us to offer tailored and fully managed workspaces equipped with various value-added services and amenities,” stated Neetish Sarda, founder of Smartworks.

Located in Vatsal Valley, Gurgaon, the 50-acre LEED-certified campus features a low-density green development that houses tenants such as Mercer, IBM, Ericsson, EXL, GlobalLogic, and Nestle.

“Through our partnership with Smartworks, we will provide office space to both SEZ and non-SEZ occupiers across warm shell, fitted-out, and managed service solutions. All necessary approvals are in place,” added Anil Saraf, chairman of ASF Group.

ASF has successfully delivered around 5 million square feet of commercial real estate projects. Recently, the ASF Insignia received approvals for domestic IT and ITeS companies to operate from its SEZ park.

In addition, Smartworks has filed preliminary documents with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). According to the draft red herring prospectus, the company may aim to raise ?110 crore via a pre-IPO placement, with approximately ?140 crore earmarked for loan repayments and the rest for general corporate purposes.

The flexible workspace provider recently raised ?168 crore (around $20.24 million) from investors, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, and various family trusts.

With a total portfolio of 8 million square feet and 180,000 seats, Smartworks reported revenues of ?1,039 crore for 2023-24, marking a 46% increase from the previous year. As of March 31, the company has established a presence in 13 cities, encompassing 41 centers across 8 million square feet.

Flexible workspace provider Smartworks has secured a lease for 450,000 square feet at the ASF Insignia Campus in Gurugram. This site primarily functions as a special economic zone (SEZ), and the company plans to adapt some of the space for non-IT tenants. Notably, Zomato has leased approximately 750 seats within this facility. “Gurgaon is a key market for us. Our expansion aligns with our growth strategy to acquire large properties across India, enabling us to offer tailored and fully managed workspaces equipped with various value-added services and amenities,” stated Neetish Sarda, founder of Smartworks. Located in Vatsal Valley, Gurgaon, the 50-acre LEED-certified campus features a low-density green development that houses tenants such as Mercer, IBM, Ericsson, EXL, GlobalLogic, and Nestle. “Through our partnership with Smartworks, we will provide office space to both SEZ and non-SEZ occupiers across warm shell, fitted-out, and managed service solutions. All necessary approvals are in place,” added Anil Saraf, chairman of ASF Group. ASF has successfully delivered around 5 million square feet of commercial real estate projects. Recently, the ASF Insignia received approvals for domestic IT and ITeS companies to operate from its SEZ park. In addition, Smartworks has filed preliminary documents with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). According to the draft red herring prospectus, the company may aim to raise ?110 crore via a pre-IPO placement, with approximately ?140 crore earmarked for loan repayments and the rest for general corporate purposes. The flexible workspace provider recently raised ?168 crore (around $20.24 million) from investors, including Keppel Ltd., Ananta Capital Ventures Fund I, Plutus Capital, and various family trusts. With a total portfolio of 8 million square feet and 180,000 seats, Smartworks reported revenues of ?1,039 crore for 2023-24, marking a 46% increase from the previous year. As of March 31, the company has established a presence in 13 cities, encompassing 41 centers across 8 million square feet.

Next Story
Infrastructure Energy

Tata Power, Suzlon Ink Rs 60 Billion Wind Energy Deal in Andhra

Tata Power has signed an agreement with Suzlon Energy to develop, construct, and supply 700 megawatt (MW) wind turbines in Andhra Pradesh. The Rs 60 billion project forms part of a 7 gigawatt (GW) renewable energy plan announced by Tata Power Renewable Energy (TPREL) and the state government in March 2025.This marks the first wind energy project in the state since 2019. The larger 7 GW programme, covering solar, wind, and hybrid projects with or without storage, is expected to attract investments of around Rs 490 billion, making it one of the state’s largest clean energy commitments.The turb..

Next Story
Infrastructure Transport

Odisha Approves Rs 12.6 Billion For 32 New Bridges

Odisha is set for a major infrastructure boost with the approval of 32 new bridges under the Setu Bandhan Yojana for FY 2025–26. The project, valued at Rs 12.6 billion, is aimed at improving road connectivity across ten districts, enhancing mobility and driving local development.The bridges will be constructed in Bolangir, Subarnapur, Nayagarh, Sambalpur, Malkangiri, Bargarh, Koraput, Jagatsinghpur, Cuttack, and Puri. Many of these areas are rural or located in difficult terrains, where improved accessibility will greatly benefit the transportation of goods and public mobility.Setu Bandhan Y..

Next Story
Infrastructure Transport

UP Plans Rs 350 Billion Gorakhpur–Shamli Expressway

Uttar Pradesh is preparing to build its largest expressway, a 700-km six-lane project that will surpass the 570-km Ganga Expressway from Meerut to Prayagraj. Designed as a greenfield project, the Gorakhpur–Shamli Expressway will cut travel time between eastern and western Uttar Pradesh to just six hours, transforming regional connectivity.The expressway will pass through 22 districts and 37 tehsils, bringing faster travel and significant economic benefits, including higher land values for farmers and employment opportunities during and after construction. A drone survey to map the route is e..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?