DLF office leasing up 50% in FY'14 to 3 mln sq ft

DLF has a total developable potential of 312 million sq ft.

PTI| Updated: Apr 23, 2014, 20:38 PM IST

New Delhi: DLF Ltd, India's largest real estate company, today said it has leased out a 3 million square feet of office space in 2013-14 with many marquee MNCs and Indian companies despite slowdown in economy.

DLF Offices, the offices leasing and management arm of the real estate developer, leased out a record 1.7 million sq ft space in Gurgaon alone, the company said in a statement here.

"This has been achieved despite intense competition in the office leasing space and a subdued economic environment," it said.

According to sources, DLF's gross office leasing stood at about 2 million sq ft in 2012-13 fiscal and the leasing out in FY14 represents 50 percent jump.

The lease rentals witnessed stable to healthy increases in various micro markets, the statement added.

DLF said most tenants who completed the 9 year lease term in DLF CyberCity, Gurgaon chose to renew their leases.

DLF Offices has about 27 million sq ft of leasable space pan India with certain projects having achieved above 95 percent occupancy.

Commenting on the report, DLF Offices National Director ? Amit Grover said: "DLF reinforced its vision to enhance the experience of its clients with high emphasis on safety and quality of services."

The company's strategy is to enhance the ecosystem in which the clients? workforce feels safe and comfortable to spend a larger part of their day at work, he added.

"Our Infrastructure initiatives especially the mass transport and value adds like accessible health-care, entertainment, dining and engagement avenues like Cyber Hub at Cybercity Gurgaon have established new industry benchmarks," Grover said.

DLF has a total developable potential of 312 million sq ft. Currently about 60 million sq ft of area is under construction.