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DLF, StanChart sign long term lease for 8 lk sq ft office space in Chennai

Updated : October 22, 2020 09:42 AM IST

In one of the largest commercial office space deals in India during recent times, DLF’s rental arm has pre-leased nearly 8 lakh square feet of office space to Standard Chartered to set up its largest office establishment in Chennai.

“This is a long term lease transaction with Standard Chartered,” said Sriram Khattar, MD-Rental Business at DLF in an interview to CNBC-TV18.

The construction of this office space is likely to begin early January 2021 and is expected to end in about 3 years, he added.

“There will be no income accretion during this period,” added Khattar.

On demand, he said, “The mood for fresh space is muted at the moment; most multinational companies are looking at conserving cash and seeing how they manage their businesses and service their clients. I do not think at the moment is to start looking at long-term. Give it another few months and this mood will change.”

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