Microsoft leases about 1.5 lakh sq ft office space at KP Tower in Noida
Recently Microsoft has signed a deal to lease around 150,000 sq ft of premium office space at KP Tower in Noida by co-working operator WeWork, said two people aware of the deal.
KP Tower is part of the 12.5 acres Delhi One project. The tower was launched by the 3C group, after that it went into insolvency.
Max Estates is the property arm of Max Group. It is currently in the process of acquiring this prime commercial complex at the Delhi-Noida border through the National Company Law Tribunal (NCLT) resolution process for Rs 550 crore. The amount will be paid to the debtors in tranches over four years.
Four operational towers are already there in the complex. Besides that, a serviced apartment tower and four commercial towers are going under construction work.
The source also said “Because of its location, which is close to Delhi and Noida Expressway, the rentals here are almost at par with grade A assets in Gurgaon. The remaining part of the project has been taken over by Max Group”.
Microsoft had announced the launch of the India Development Centre (IDC) in Noida and had signed an agreement with the Uttar Pradesh government earlier this year.
It is also said that the deal has been signed at Rs 111 per sq ft, although the rental in Noida ranges between Rs 60-80 per sq ft”.
Microsoft is also planning to lease over 1.2 million sq ft office space in Bengaluru.
Currently, the company acquires 550,000 sq ft in Outer Ring Road, Bengaluru.
Microsoft India has been on an expansion spree and leasing more office space in the last two years to house its growing employee population.
Microsoft already has operations in 11 cities in India and employs about 8,000 people across the country.
According to property consultants, after availability dwindled in the national capital demand for office spaces in Noida has been increased.
AjayRakheja, national head, 360 Realtors-Commercial said “Commercial realty market is witnessing an upward trend and more and more buyers and investors are showing their interest in it because the commercial asset class has performed much better than the residential sector over the last few years”.
Because of lower rent, new supply, and infrastructure development, the demand has been increased in Noida’s key sectors such as sectors 16 and 62 and Noida expressway.
