Barclays hires office space at Rs 1 cr a month

Written by Varun Soni | New Delhi, Jul 30 | Updated: Jul 31 2007, 04:20am hrs
In one of the highest commercial rental deals in the country, UK-based Barclays Bank has taken 40,000 sq ft space in Delhi at a monthly rent of more than Rs 1 crore. The company has taken space on the ground and first floors of the newly constructed Eros Corporate Tower in Nehru Place at a rate of Rs 265 per sq. ft. Though the prevailing commercial rate at Nariman Point, Mumbai is higher at Rs 500-600 per sq ft, experts point out since there is scarcity of space at the business hub of the financial capital, not many deals are happening. Therefore, this has to be the highest commercial rental deal in the country, outside Nariman Point, says a local property dealer. The Rs 1 crore-plus monthly rent, however, comes at a discount. Since Barclays took such a huge space, they got it at Rs 265 per sq ft, as against the market rate of Rs 300 per sq ft. The prevailing rate at Nehru Place is Rs 175-300 per sq ft, depending on the construction and the location of the building. At the computer market in the area, space is available for as low as Rs 80 per sq ft.

According to Barclays, strategic location and the new construction of the office suited the profile of the company. Also, most of its executives coming from abroad can easily stay at the hotel, a primary reason for Barclays to opt for this space, says the dealer. The deal has reportedly been brokered by Delhi-based Realistic Realtors Pvt Ltd.