TCS Leases Commercial Space for ₹4.37cr/month in Hyderabad: Report
In a significant development in the Hyderabad real estate market, Tata Consultancy Services (TCS) has leased over 10.2 lakh square feet of office space in a commercial building in the financial district of Hyderabad for a monthly rent of ₹4.37 crore. This is one of the largest office space leases in the city in recent times.
According to reports, TCS has leased the space at the rate of ₹43 per square foot, making it one of the most expensive office space leases in the city. The rent will escalate by 12% after every three years, making it a lucrative deal for the tech giant.
The news was first reported by Hindustan Times, citing sources close to the deal. The report states that TCS has paid a deposit of ₹26.2 crore for the space, which is a significant amount considering the value of the lease.
This lease deal is a significant boost for the Hyderabad real estate market, which has been witnessing a slowdown in recent years. The city has been a hub for the IT and pharma industries, and this lease deal is a testament to the continued demand for office space in the city.
TCS, one of India’s largest IT companies, has a significant presence in Hyderabad, with multiple offices and development centers in the city. The company has been growing rapidly in recent years, and this lease deal is likely a strategic move to accommodate its growing workforce.
The financial district of Hyderabad is one of the prime areas for office space in the city, with many major companies and startups having their offices there. The area is well-connected to the city’s transportation network, with multiple bus routes and metro stations in the vicinity.
The lease deal is also a significant win for the developer of the commercial building, who has managed to secure a major tenant for the space. The building is likely to be a sought-after destination for businesses in the city, with TCS’s presence likely to attract more companies to the area.
The 12% escalation in rent every three years is a common clause in many office space leases, and it allows the landlord to adjust the rent according to market conditions. This clause is likely to benefit both parties, with TCS getting a competitive rate for the space and the landlord getting a steady stream of income.
In conclusion, the lease deal between TCS and the developer of the commercial building is a significant development in the Hyderabad real estate market. The deal is a testament to the continued demand for office space in the city and the growing presence of major companies like TCS. As the city continues to evolve and grow, this lease deal is likely to have a significant impact on the market, making it a lucrative opportunity for developers and businesses alike.
