To secure office space for its employees, Infosys Technologies has leased over 9 lakh sq. ft. of office space across major cities in India to expand its business! In a recent transaction, Infosys Technologies has secured over 2,10,000 sq. ft. of office space on lease in Bhartiya City at Thanisandra Road in Bengaluru. This is the largest leasing transaction in terms of space, taken place in Bengaluru or the whole of India for that matter, so far.
The software major will be paying an annual rental of about Rs 9 crores. The lease term is a total of nine years with a clause of rental reset every three years. “The company will pay Rs. 45 per sq. ft. for the ground. Infosys will occupy that ground in November this year and will be able to seat around 2,000 employees per shift”, said the company’s spokesperson.
In the last quarter, the country’s second largest software exporter had signed two large office leasing transactions in Pune and Bengaluru. Infosys leased 6,20,000 sq. ft. of office space in International Tech Park in Pune, operated by Singapore based developer Ascendas in Hinjewadi. In another leasing deal, Infosys leased 150,200 sq. ft. of office space in the Confident Octans property in Electronics City in Bengaluru. Infosys also plans to expand to cities including Indore, Mohali, Belgaum, Hubli and Nagpur according to the information on the company’s website. In Nagpur, it is developing a campus to house over 5,000 people!
Demand for office space in India touched about eleven million square feet in the July to September period this year. It is the highest level in two and a half years. It has expanded to 14% from 9% a year ago. The growth in demand for office space indicates an improvement in the Indian economy, with domestic and international companies enthusiastic about their investment and expansion strategies in India. The government of India should realize that the IT sector in India has great potential to grow and employ millions of people. It should therefore encourage investors, firms and startups in the IT sector in India by giving them discounts on taxes and land acquisition costs so that they grow and employ millions of people in India, thereby improving the quality of life of Indian citizens and the economy of India. Read more on Startups