Maruti Suzuki, India's top passenger car manufacturer, has secured a lease for 270,000 square feet of office space at Gurgaon's Tag Avenue. This comes after a request by Haryana's Chief Minister to relocate Maruti's headquarters to Gurgaon. Despite this, Maruti has no immediate plans to move from its current New Delhi location. The Haryana government is investing heavily in industrial and commercial development in the region. In Q1 2023, Delhi NCR saw a 4% decrease in leasing activity, with Gurugram at the forefront, accounting for 74% of the activity. Noida contributed 24%. These trends reflect the ongoing dynamics in the region's commercial real estate sector.
In a significant move, Maruti Suzuki, the leading passenger car manufacturer in India, has reportedly secured a lease on 270,000 square feet of office space at Tag Avenue, a prominent commercial building located in Gurgaon. This development follows a request made by Haryana Chief Minister Manohar Lal Khattar last year, urging the automotive giant to relocate its corporate headquarters to Gurgaon while granting substantial land allocations to Maruti Suzuki India Limited and Suzuki Two Wheeler India Private Limited in Haryana.
The current corporate headquarters of the company is situated at Nelson Mandela Marg in New Delhi, with an additional office in Gurgaon's Udyog Vihar. Nevertheless, Rahul Bharti, the Executive Director of Corporate Affairs at Maruti Suzuki India Limited, has clarified that there are no immediate plans to shift the corporate office from its present location. The Gurgaon-based Tag developer is yet to release an official statement concerning this development.
Notably, the Haryana government is actively engaged in the development of an expansive industrial and commercial town spanning approximately 3,300 acres near Kharkhoda (Sonipat) and an industrial model town (IMT) at Sohna, covering an area of nearly 1,400 acres. Maruti Suzuki India Ltd. is committed to an investment of Rs 18,000 crore in a project, while Suzuki Motorcycle India Pvt. Ltd. is establishing a project with an investment of Rs 1,466 crore at IMT Kharkhoda.
In the broader real estate context, Cushman & Wakefield, the international property consultant, reported that during the first quarter of 2023, the Delhi National Capital Region (NCR) witnessed a gross leasing activity of 3.4 million square feet. This figure represented a marginal decline of 4% on a quarterly basis and an 11% drop when compared to the same period in 2022.
Despite these fluctuations, the gross leasing volume in Q1-2023 was largely consistent with the quarterly average observed over the past eight quarters, indicating a sustained demand in the region. Fresh leases accounted for 59% of the leasing activity in this quarter, with pre-commitments making up 33% of leasing activities, and term renewals constituting a mere 8% of the overall real estate market activity.
The city of Gurugram remained the epicentre of the leasing activity, capturing a dominant 74% share. This was primarily driven by submarkets such as Cyber City, NH8 Prime, and Golf Course Road Extension. In contrast, Noida contributed 24% to the leasing activity, with prominent submarkets including Noida Expressway and Noida City 2. These trends underscore the ongoing dynamics in the commercial real estate sector of the Delhi NCR.
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