Gurugram real estate: Smartworks leases 4.7 lakh sq ft of office space in DLF city for ₹94 crore annual rent

Smartworks' office space in Gururgram's DLF City's Phase-5 that is leased for six years

Published on: Jan 2, 2025, 16:58:48 IST

By Souptik Datta

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Gurugram-based flexible workspace provider Smartworks has leased 4.7 lakh sq ft of commercial space in DLF City in Gurugram for over ₹94 crore of annual rent, documents accessed by Propstack showed.

The office space, which spans five floors, is located in Phase 5 of DLF City for a six-year tenure.

The transaction was registered on December 3, 2024. According to the documents, the lease commenced on November 1, 2024, and the rent payment is applicable from March 2025.

The registration documents show that Smartworks paid a rent of ₹165 per sq ft and a six-month security deposit of ₹47.3 crore.

The rent will be escalated by 9% after three years. The documents show that the company has access to 794 parking spaces.

“Our growth in Gurugram reflects the increasing demand for fully managed and serviced campuses. This expansion aligns with our commitment to empowering enterprises by providing tailored office solutions in large campus settings, equipped with a range of amenities and services to cater to the evolving needs of the modern workspaces. Our focus is to enhance productivity and support growth in a professional and dynamic work environment," Neetish Sarda, Founder at Smartworks, said.

Meanwhile, an email query was sent to DLF but did not receive a response. The story will be updated when we receive a comment.

Also Read: Smartworks Coworking Spaces files IPO papers with Sebi, eyes ₹550 crore from fresh issue

Previous leasing

In August 2024, the company leased around 6.13 lakh sq ft of commercial space in a building in Pune for a starting rent of ₹4.44 crore per month for a five-year license period.

This comes after the company announced the expansion of its Pune portfolio, adding over 6 lakh sq ft of prime office space, bringing its footprint in the city to over 3 million sq ft.

In the same month, Smartworks filed its preliminary papers with the markets regulator Securities and Exchange Board of India to mobilise funds through an initial public offering (IPO). The IPO will include a mix of fresh issuance of equity shares worth ₹550 crore and an offer-for-sale (OFS) of 67.59 lakh equity shares by the existing equity shareholders.

The company is concentrated in cities including Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai. As of March 31, 2024, it had a presence in 13 cities and a portfolio comprising 41 centres spanning 8 million square feet.

Also Read: Smartworks leases 6.13 lakh sq ft office space in Pune for a starting rent of ₹4.44 crore per month

Major transactions in Gurugram

Earlier, Virat Kohli leased 12 office spaces in Gurugram for nine years at a starting monthly rent of ₹8.85 lakh.

The office space is located in a project called Reach Comercia, a corporate tower in sector 68 in Gurugram. The total leased area is spread across an area of 18,430 sq. ft and comes with 37 car parking.

In December 2023, Air India signed a lease agreement to take up commercial space covering 6.2 lakh sq ft in the E-Innovation Centre in Gurgaon, Sector 75, at an annual rent of over ₹90 crore for 21 years.

The airline, acquired by the Tata Group in January 2022, has taken up blocks B, C, and E spread across an area of 3.61 lakh sq ft, at an average rent of ₹2.40 crore per month and an average rent of ₹43.29 crore per annum, E-Novation Centre, Sector 75, Gurugram from the landlord, Innovative Techno Park Pvt Ltd.

The starting monthly rent is ₹2.40 lakh, and the security deposit paid is ₹14.40 crore. A stamp duty of ₹3.89 crore was paid for the deal

ABOUT THE AUTHOR
Souptik Datta
Souptik Datta is a deputy chief content producer at Hindustan Times Digital, where he reports on southern India with a focus on real estate, urban infrastructure and environmental urban issues. His coverage tracks the intersection of policy, capital flows, regulation and sustainability, examining how these forces shape housing markets, commercial real estate and large-scale infrastructure development across rapidly transforming cities. He also closely tracks civic issues affecting urban residents, including property taxation, planning approvals, public transport expansion, water stress, waste management and the governance challenges that influence everyday life in India’s metros. Souptik’s reporting is driven by a strong interest in accountability, consumer rights and the lived realities of homebuyers and investors navigating volatile pricing cycles, regulatory changes and project delivery risks. He frequently analyses project launches, land monetisation strategies, planning frameworks, RERA-related developments and the broader implications of infrastructure investments on emerging growth corridors. His work blends on-ground reporting with data-backed analysis and long-form explainers aimed at demystifying complex real estate and infrastructure developments for readers. He is an alumnus of the Indian Institute of Journalism and New Media. Before joining Hindustan Times Digital, Souptik was associated with Moneycontrol at Network 18, where he covered real estate, infrastructure and allied sectors, producing market insights, policy-led stories and in-depth features. Outside the newsroom, Souptik is an avid solo traveller and documentary enthusiast, exploring diverse regions and visually documenting unique narratives through film and photography. In his early career, Souptik also freelanced as a documentary photographer, independently working on visual storytelling projects that captured grassroots narratives, urban change and everyday life. He can be reached at souptik.datta@htdigital.in.Read More

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