Smartworks Leases 4.7 Lakh Sq Ft Office Space in DLF City, Gurugram for ₹94 Crore Annual Rent

Gurugram-based flexible workspace provider Smartworks has leased 4.7 lakh sq ft

Gurugram’s flexible workspace provider, Smartworks, has secured a lease for 4.7 lakh sq ft of premium office space in DLF City, Gurugram, with an annual rental commitment exceeding ₹94 crore, as per documents accessed by Propstack. The lease agreement was registered on December 3, 2024, with the lease commencing on November 1, 2024, and rent payments starting from March 2025.

According to the registration documents, Smartworks has agreed to pay a rent of ₹165 per sq ft and provided a six-month security deposit amounting to ₹47.3 crore. The lease includes 794 parking spaces, and the rental terms specify a 9% escalation in rent every three years.

Commenting on the expansion, Neetish Sarda, Founder of Smartworks, said, "Our growth in Gurugram reflects the rising demand for fully managed and serviced campuses. This move aligns with our mission to offer tailored office solutions equipped with modern amenities, fostering productivity and enterprise growth in dynamic work environments."

This recent lease follows the company’s significant expansion in Pune, where in August 2024, Smartworks leased 6.13 lakh sq ft of office space with a starting rent of ₹4.44 crore per month for a five-year term. With this addition, Smartworks' total footprint in Pune surpassed 3 million sq ft.

Additionally, in August 2024, Smartworks filed preliminary IPO papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO will include a fresh equity issuance worth ₹550 crore and an offer-for-sale (OFS) of 67.59 lakh equity shares by existing shareholders.

Smartworks currently operates in key cities including Bengaluru, Mumbai, Hyderabad, Gurugram, and Chennai. As of March 31, 2024, the company has a presence across 13 cities with a portfolio of 41 centres spanning 8 million sq ft.

Major Real Estate Deals in Gurugram

In a notable transaction, Virat Kohli leased 12 office spaces in Reach Comercia, a corporate tower in Sector 68, Gurugram, for a nine-year term with a starting monthly rent of ₹8.85 lakh. The leased area covers 18,430 sq ft and includes 37 car parking spaces.

Additionally, in December 2023, Air India signed a lease agreement for 6.2 lakh sq ft of commercial space in E-Innovation Centre, Sector 75, Gurugram, for an annual rent exceeding ₹90 crore over a 21-year lease period. The airline, now part of the Tata Group, secured blocks B, C, and E, covering 3.61 lakh sq ft at an average rent of ₹2.40 crore per month. The deal involved a security deposit of ₹14.40 crore and a stamp duty payment of ₹3.89 crore.