Unitech signs Rs 1,100 cr leasing deal with Aricent, Fidelity
Mar 28, 2014
Source : The Economic Times

 

DELHI: Realty major Unitech has leased about one million sq ft office space in its under-construction SEZ at Gurgaon to Aricent and Fidelity in a deal that would give about Rs 1,100 crore rental income over 15 years.

According to sources, engineering service and software company Aricent and financial services firm Fidelity have signed cumulatively 15 year lease agreements for about 1 million sq feet in its SEZ located at Tikri, Gurgaon.

The SEZ is being developed by the Unitech and its group firm Unitech Corporate Parks (UCP), which is listed in London.

Sources said Unitech and UCP would earn a rental income of about Rs 1,000-1,100 crore over the next 15 years taking into account the current leasing rate of Rs 60-65 per sq ft.

With this leasing deal, about 3 million sq ft has been occupied out of total leasable area of 3.3 million sq ft.

Last year, UCP had leased Aon Hewitt 8 lakh sq feet in this SEZ in a deal that would give about Rs 800 crore over the next 15 years.

Apart from the Aon Hewitt deal, other big companies which have leased space in Tikri SEZ are Genpact and Cognizant.

Unitech and UCP are developing another SEZ at Dundahera in Gurgaon. Both companies are in talks with private equity firm Blackstone and Singapore's sovereign wealth fund GIC for selling their stake in the IT SEZ for Rs 2,800-3,000 crore.

Potential development area of this SEZ is 3.6 million sq ft. In this SEZ also, Unitech and UCP had leased 8 lakh sq ft with Accenture where the potential revenue over 15 years was Rs 1,000 crore. Other lessors in this SEZ are RBS, Sapient, Bank of America, E&Y and Amadeus.

UCP holds 60 per cent in these two SEZ projects, while Unitech has the remaining 40 per cent stake. Unitech also holds about 12 per cent directly in the UCP.

UCP raised about 360 million pounds by issuing and placing its Ordinary Shares on the AIM of the London Stock Exchange in December, 2006. It had invested in six commercial projects in India in partnership with Unitech, of which five are in the national capital region and one in Kolkata.

Latest Realty News

Report: Sales volume of listed real estate cos plunges 43%
Mar 28, 2014
PUNE: A research report by property consultants Knight Frank India has found that the volumes of 25 listed real estate companies over the past eight quarters has dropped from 21.85 million sq ft to 11.8 m sq ft, representing a decline of almost 43 per cent.
Election cash call puts strain on construction, real estate
Mar 28, 2014
DELHI: As India's mammoth general election approaches, jackhammer drills are quietening down at construction sites and earthmovers and cranes remain parked.
Demand for houses declines in Q3
Mar 28, 2014
DELHI: The slowdown in economy coupled with rise in interest rates and uncertain job prospects has hit the demand for real estate. In the third quarter of 2013-14, sales volumes declined 43% to 11.8 million sq ft from 21.9 million sq. ft in the same period last year, says a study by Knight Frank. Despite this, study says, the annual rise in prices of residential units in the last eight quarters is around 10%.
How to make home purchase stress free
Mar 28, 2014
DELHI: What are some of the most difficult and emotionally stressful experiences in any person’s life? We can easily list the top four: The death of a loved one, breakdown of a marriage, change of jobs and buying a home. Does the last point really belong to this list? Actually, it does.
Noida realty market sees high supply: JLL
Mar 28, 2014
DELHI: Hyman Minsky, the noted American economist, linked an economy’s life cycle with speculative investment bubbles which are endogenous to it. He stated that during prosperous times when the economy booms, corporate cash flows rise higher than corporate debts, and this leads to speculative euphoria.
Realty demand to grow post elections: Colliers
Mar 28, 2014
DELHI: Colliers International, the leading real estate services company, has released its India Residential Overview and Forecast Report.
Congress, BJP candidates under-valuing their assets, says Yogendra Yadav
Mar 27, 2014
DELHI: Aam Aadmi Party's Yogendra Yadav on Tuesday accused rival candidates from Congress and BJP of under-valuing their property to an extent that negated the Election Commission rules and Supreme Court judgment mandated to ensure transparency in polls.
Sahara India Real Estate Corporation Limited,Sahara Housing Investment Corporation Limited
Mar 27, 2014
DELHI: The Supreme Court Wednesday asked Sahara Group chief Subrata Roy to deposit Rs.10,000 crore with the market regulator SEBI for his release on interim bail from judicial custody.
Real estate, construction sectors hit, as companies divert funds to poll contribution
Mar 27, 2014
DELHI: As India's mammoth general election approaches, jackhammer drills are quietening down at construction sites and earthmovers and cranes remain parked.
Solve water woes of NCR to boost realty sector
Mar 27, 2014
DELHI: As summer sets in, the hapless people of the capital and the NCR will once again face water shortages and the tanker mafia. As is the norm, there will be heated debates on the crisis, but nothing concrete ever happens on the ground.

Latest Realty News Of State

Realty Talk's