In a strategic move, Micron Technology, a leading memory chip maker and storage solutions provider, has secured a lease for a vast expanse of space in Hyderabad, India. The leased area spans an impressive 1.04 million square feet and is located within the Phoenix Quila Block A construction at Phoenix IT Hub in Gachibowli. The lease agreement spans a decade, with Micron Technology paying a monthly rent of 68 million rupees. This expansion signifies Micron's commitment to its operations in India and its aim to bolster its global engineering and operational bases.
According to available information from Propstack, Micron Technology has recently leased a space measuring 1.04 million square feet in Hyderabad's Gachibowli area. The lease agreement spans a period of 10 years, with a monthly rent of 68 million rupees. The space is located in Phoenix Quila Block A, a construction within Phoenix IT Hub. Calculating based on the registration documents, the effective lease rate comes to 65 rupees per square foot per month.
Micron Technology, a manufacturer of memory chips and storage solutions, operates supply centres in Bengaluru and Hyderabad in India. These centres support the company's global engineering and operational bases. Recent reports indicate that Micron Technology is investing approximately $1 billion to establish a facility in India for assembly, testing, marking, and packaging of its chips. This facility will handle a portion of the company's global chip manufacturing.
While international capacity centres have been cautious about leasing decisions to reduce costs in India, some companies are still choosing to move to India and expand their presence. Office owners are witnessing increased interest from third-party service providers who are leasing spaces ranging from 50,000 to 200,000 square feet. Simultaneously, significant transactions like the one involving Micron are occurring due to India's offering of one of the lowest monthly office rents globally, priced at $1 per square foot per month.
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