The revenue of TCS was standing at RS 24,220 cr. in 2015 with the head count of 3.2 lakhs. And now, Chandrasekaran, the CEO of TCS has said that they have laid a strong foundation for growth in the year 2016. With TCS already having 19 offices in Mumbai and surrounding areas, the new lease deal signals a great revival in commercial real estate market in Mumbai.
Over several years, India has earned a name for itself in the outsourcing market, and it has been the first choice for most of the companies to outsource their operations. According to a recent research conducted in US, almost 82% of the US based companies have voted for India as the most preferred choice to outsource their operations. This being the condition, the demand for office spaces in India has constantly been rising and number of multi-national companies have started acquiring their space in India.
Recently, the deal of India’s largest office space has been concluded in Thane, and it’s said that, the software major Tata Consultancy Services has signed the deal to acquire the space of about 19 lakh square feet for its biggest office under single roof at Hiranandani Estate in Thane. Once the property is delivered, TCS will be able to accommodate over 30,000 of its employees under a single roof. Hiranandani Constructions has promised TCS to deliver the space in the next year and a half.
Reset Clause for every three years
Hiranandani Constructions and TCS have signed a contract of 15 years with an option of reset clause for every three years. The monthly lease rental for the office space is Rs 50 to Rs. 55 per sq. ft. whereas the annual lease rental will be in the range of Rs 120-130 cr. Niranjan Hiranandani, the Managing Director of Hiranandani Groups, has confirmed the deal to Mumbai Mirror, and has said that it will create more job opportunities in Thane.
More than 25,000 jobs to be created in Thane
Talking to Mumbai Mirror, Niranjan Hiranandani has said “the company has given out the space of 19 lakh sq. ft. to TCS on a long lease (15 years) to set up a single beam IT Park. This will be the largest space in the country owned by a single company. It’s expected that, more than 25,000 employees will get job in Thane, where many people had lost their jobs when the industries were closed. The work has already been started and it would take one and a half years to be completed, as we have promised to provide the best architecture”.
The grand project to consolidate TCS’s growth plans
Sanjeev Jaiswal, the Municipal Commissioner has also confirmed the reports and has said that, TCS campus coming to Thane is definitely a matter of pride, and they are working to words this grand project to complete it as soon as possible. It’s being said that the Thane lease project will surely help India’s largest software service exporter to consolidate its growth plans.
The revenue of TCS was standing at RS 24,220 cr. in 2015 with the head count of 3.2 lakhs. And now, Chandrasekaran, the CEO of TCS has said that they have laid a strong foundation for growth in the year 2016. With TCS already having 19 offices in Mumbai and surrounding areas, the new lease deal signals a great revival in commercial real estate market in Mumbai.
Decline in Office Property Sale across the Globe in the First few months of 2016
Annual capital appreciation is expected to slow down by 4% in 2016. While Sydney and Tokyo top the performance ranks in Asia Pacific, Los Angeles, Boston, Chicago and San Francisco are projected to outperform in America.
Commercial Real Estate to Be the Best Bet for Investors in India
Experts say that commercial real estate is definitely a best bet for the investors, as the assets seem to be available at the attractive valuations with the background of falling interest rates.
Bangalore Realtors Don’t seem to be Happy after the Rise in Guidance Values
Bengaluru is still a great place for those who would want to invest on real estate. But state government should consider taking necessary steps to generate revenue instead of increasing the property tax percentage.
