Assotech Realty has given on lease 1.5 lakh sq ft of prime office space to IndiaMART InterMesh Ltd in its commercial project in Noida, Uttar Pradesh, at an annual rent of over Rs 7 crore.
Assotech Realty is developing 18 lakh sq ft of commercial project, comprising office, retail and serviced apartments at Sector 135 on the Noida expressway. It has already completed the first phase comprising 10.8 lakh sq ft.
"IndiaMART has leased 1.5 lakh sq ft office space in our project Assotech Business Cresterra," Assoctech Realty Managing Director Neeraj Gulati said.
The office will have a seating capacity of around 2,000 employees.
"The leasing transaction has been done at Rs 40 per sq ft per month," he said adding that the Noida market is emerging as an affordable commercial real estate hub with rentals much lower than Gurugram.
With this transaction, Gulati said the first phase of this project is fully leased.
Earlier, the company had leased 3 lakh sq ft to Birlasoft, 30,000 sq ft to Dynata, 16,000 sq ft to Regus and 8,000 sq ft to Agastan. About 2.5 lakh sq ft area were sold.
The first phase has 75,000 sq ft of retail space and 195 serviced apartments managed by Lemon Tree Hotels. Property consultant CBRE has been roped in for facility management.
The leasing agreement for nine years was concluded by Indiamart CEO Dinesh Gulati and Assotech Realty Director Salil Kumar.
The construction of the second phase is expected to complete by the second half of 2020.
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