Maruti Suzuki Expands its Presence in Gurugram with the Lease of 270,000 Sq. Ft. at Tag Avenue
Maruti Suzuki's expansion into Gurugram at Tag Avenue: Driving growth and innovation in India's auto industry hub.
Maruti Suzuki, India's leading passenger car manufacturer, is again making headlines as it expands in Gurugram. The company has recently secured a lease for 270,000 square feet of office space at Tag Avenue, a commercial building in the city of Gurgaon.
This development comes on the heels of Haryana Chief Minister Manohar Lal Khattar's invitation last year, urging the auto giant to move its corporate headquarters to Gurgaon. In a generous move, the government earmarked a vast 900-acre plot of land for Maruti Suzuki India Limited and Suzuki Two Wheeler India Private Limited in Haryana.
As of now, the company's corporate hub sits on Nelson Mandela Marg in New Delhi, with another operational base situated in Gurgaon's Udyog Vihar. Maruti Suzuki India Limited's Executive Director of Corporate Affairs, Rahul Bharti, has assured that there are no immediate plans to relocate their corporate office from its current location.
The Haryana government has been actively involved in shaping the landscape of the state's industrial and commercial regions. The proposed industrial and commercial town, spanning across 3,300 acres near Kharkhoda in Sonipat, along with the industrial Model Town (IMT) in Sohna, covering an extensive 1,400-acre area, are part of their grand vision.
Maruti Suzuki India Ltd. is on a massive project with a huge investment of Rs. 18,000 crore, while Suzuki Motorcycle India Pvt. Ltd. is also leaving its mark with a massive investment of Rs 1,466 crore at IMT Kharkhoda.
According to real estate experts at Cushman & Wakefield, the third quarter of 2023 brought some interesting dynamics to the real estate scene. Delhi National Capital Region (NCR) witnessed a gross leasing of 3.4 million square feet, which, although a slight dip of 4% compared to the previous quarter, still showed strong demand, with an 11% increase from the same period in 2022.
Notably, fresh leases dominated the market, accounting for a substantial 59% share of the leasing activity. Pre-commitments also saw a surge, constituting 33% of leasing actions, while term renewals comprised only 8% of the overall activity.
Gurugram maintained its stronghold as the epicentre of leasing activity, claiming a significant 74% share. Submarkets like Cyber City, NH8 Prime, and Golf Course Road Extension were pivotal in Gurugram's continued success. Meanwhile, Noida contributed 24% to the leasing arena, with Noida Expressway and Noida City 2 emerging as prominent submarkets.
