March 8, 2024
Virat Kohli Leases Out Gurugram Space, May Get Rs 1 Crore a Year in Rent
Real Estate News
Cricketer Virat Kohli has leased 18,430 sq ft to Mynd integrated solutions, a global business process and technology management company at Gurgaon’s Reach Comercia building.
According to a person familiar with the deal, Kohli had bought the space about a decade ago and since building recently got completed, he leased the building for rental income.
According to documents accessed through CRE Matrix, a real estate data analytics firm, Kohli will get around Rs one crore as annual rent from the space.
“It is a mixed use development with 500,000 sq ft of retail and 180,000 sq ft of office space. Mynd has taken a bigger area and Kohli’s space is just a part of it,” said one person familiar of the deal.
The property is developed by the Gurgaon based realty company Reach group and they have sold the office space to multiple investors over a period of time.
According to the lease agreement, the rental for the space is Rs 48 per sq ft per month.
Kohli owns a bungalow in DLF-1 Gurgaon and also a property in Mumbai and Alibaug.
Kohli’s manager did not respond to the email query.
Delhi-NCR saw gross leasing volume (GLV) of 3.7 msf during October–December, the highest volume recorded in 2023. The GLV was 10% higher on a q-o-q basis and marginally lower than the healthy volumes recorded last year in the same quarter, according to Cushman & Wakefield.
The bulk of this GLV consisted of fresh space take-up with a share of 83%, followed by pre-commitments that acquired 11%. Interestingly, the flex space sector was the biggest consumer of space in the fourth quarter with a 24% share, pipping the usually dominant IT-BPM sector, which had a 23% share in leasing.
Source : ET
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