Smartworks, a flexible workspace provider based in Gurugram, has secured a lease for 4.7 lakh square feet of office space in DLF City, Gurugram, as published by Hindustan Times.
The lease, valued at over ₹94 crore in annual rent, spans five floors in Phase 5 of DLF City. The lease term is six years.
The lease agreement, registered on December 3, 2024, officially began on November 1, 2024, with rent payments to start in March 2025. According to registration documents, Smartworks will pay ₹165 per square foot in rent, along with a security deposit of ₹47.3 crore for six months. Additionally, the rent will increase by 9% after three years. The lease also provides Smartworks access to 794 parking spaces.
Neetish Sarda, Founder of Smartworks, commented on the lease, saying, “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 modern workspaces. Our focus is to enhance productivity and support growth in a professional and dynamic work environment.”
In addition to this, Smartworks continues to expand its portfolio. In August 2024, the company leased approximately 6.13 lakh square feet of commercial space in Pune, starting at ₹4.44 crore per month for a five-year license period. This growth follows Smartworks’ announcement of plans to raise funds through an initial public offering (IPO), which includes a fresh issuance of equity shares worth ₹550 crore, along with an offer-for-sale (OFS) of 67.59 lakh equity shares by existing equity shareholders.
As of March 31, 2024, Smartworks operated across 13 cities, with 41 centers spanning 8 million square feet. The company has a strong presence in cities such as Bengaluru, the Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai.
In addition to Smartworks’ leasing deal, notable transactions in Gurugram’s commercial real estate sector include a significant deal involving Indian cricketer Virat Kohli. Kohli leased 12 office spaces in the Reach Comercia project in Sector 68, Gurugram, for nine years, at a starting monthly rent of ₹8.85 lakh. The total leased area is 18,430 square feet, and the agreement includes 37 car parking spaces.
Another key transaction occurred in December 2023 when Air India signed a lease for 6.2 lakh square feet of commercial space at the E-Innovation Centre in Sector 75, Gurugram. The deal is valued at over ₹90 crore annually over a 21-year term. Air India, acquired by the Tata Group in January 2022, leased blocks B, C, and E, covering 3.61 lakh square feet at an average rent of ₹2.40 crore per month, or ₹43.29 crore annually. The deal also includes a security deposit of ₹14.4 crore and a stamp duty of ₹3.89 crore.