British banking and financial services company Barclays is understood to have leased 2 lakh square feet space in Nirlon Knowledge Park, an IT/ITES building in the western suburban area of Goregaon, Mumbai.
The deal, which is among the largest lease transactions in Mumbai, will result in an annual rent outgo of R24 crore for Barclays. According to two people familiar with the development, the deal has been struck at about R100 per square feet per month of rent.
The space, sources say has been leased for housing Barclays back office operations. When contacted, a Barclays spokesperson said in an email response: ?Barclays declines to comment on market rumour.? Officials in Nirlon Knowledge Park also refused to comment on the transaction.
Nirlon Knowledge Park (NKP), with office space of about 2 million sq ft, is being developed as an IT Park under the government of Maharashtra?s IT policy so as to allow Software Technology Parks of India (STPI) benefits to its users, according to information on its website.
NKP, is Indian textile company Nirlon?s real estate venture. The company that started nylon textile production in 1962 went into trouble in the late 1980s as its expansion plans during turbulent phase in the Indian synthetic textile industry costed it dearly. The company which went to Board for Industrial and Financial Reconstruction (BIFR) as a sick unit, in late 90s decided to lease out its defunct and surplus factory premises in Goregaon to leading corporates.
Finally between 2003 and 2004, the company phased out manufacturing at Goregaon and leased out factory building areas. In 2007, it started construction of NKP on 23 acres land of the company?s erstwhile factory location. The IT park is under construction, with phase I and II fully leased out to multinational companies and corporates, according to NKP?s website.