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.
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“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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