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

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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.

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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