The previous year has set new benchmarks as Vatika Group recorded lease worth 1 million sq ft across all its projects. The major contribution towards this milestone came from the Delhi-NCR real estate market. Exceeded all forecasts Delhi-NCR registered a phenomenal growth in both rentals and returns on commercial real estate, including retail and office spaces. Dominating the absorption levels the region witnessed an increase in rentals in CBD area, while vacancy levels dropped in CBD of Gurguram and active leasing remained robust in SBD.
“Vatika has achieved an occupancy of 95% in commercial buildings located in CBD areas of Gurgaon. Occupancy has increased for Grade A offices. Corporates are now looking at environment sustainability, premium amenities and higher specifications. Sustainability and low environmental impact are core values at Vatika, and these are incorporated into Vatika projects right from the design stage. Several of our projects have received recognition from regulatory bodies, including the coveted LEED Gold Standard for INXT City Centre and 4 Star GRIHA rating for One On One. In fact we are seeking LEED Gold/Platinum certification for 7.56 million sq ft of our real estate portfolio. Almost all our premises have already incorporated most of the Green Building Measures advocated by such bodies”, said Ritu Gupta head of leasing at Vatika Group.
Indian companies have overtaken American firms in gross leasing of office space for the first time, with almost a 50 per cent share in the total demand, according to CBRE India. In its report, CBRE said that the gross leasing of office space rose 40 per cent in 2022 to 56.6 million square feet across nine major cities from 40.5 million square feet in the previous year. Out of the total absorption of office space in 2022, 27.73 million square feet area was leased by domestic firms while 20.37 million square feet by American companies, according to CBRE.
“In a first, domestic firms overtook American firms in annual leasing, accounting for nearly half of the leasing share in 2022, mainly led by flexible space operators, technology corporates and BFSI firms,” CBRE said. Bengaluru, Delhi-NCR and Mumbai dominated the absorption by domestic firms, it added.
(Source: CBRE Report)
Some of the new clients signed in last year are AIR India, AMH Services, Rosemarta, Ferns and Petals, Kotak Mahindra Bank, FleetX Technologies, Blue Tokaii, Hi Tours, M Insure, EDC Engineering, AEL Berkman, Daiki Axis, Apollo Pharmacy, Koala Foods, NKA Construction etc and few of the clients expanded their spaces such as Indicube. EDC, AEL Berkman etc.
Vatika has another 16 lakh sq ft area available for lease in prime commercial campuses across Delhi NCR that will generate the rental value of nearly 10 cr.
The Group has delivered more than 8 million sq ft of commercial and retail projects. Vatika has a wide range of commercial projects spread across prime locations in Delhi NCR including MG Road, Golf Course Road, Golf Course Extension Road, Sohna Road, NH-8 and Mathura Road.
About Vatika Group
Vatika Group prides itself on creating spaces that enhance the lives of its customers. Incorporated in 1986, Vatika Group is amongst the leading and most promising developers in the National Capital Region (NCR, India). The Group has transformed every walk of life through its projects, while constantly raising the bar in terms of quality and innovation.
In 34 years, the Group has an impressive portfolio of projects – in the areas of residential, commercial, townships, hotels, education, business centres and facilities management. The Group has consistently focused on developing people-oriented projects that are commercially viable, architecturally outstanding and designed for the foreseeable future.
For more information about Vatika Group visit www.vatikacollections.com and vatikagroup.com