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The newly leased property at DLF downtown, Taramani is being leased for its back office operation in India. “The property is in the fitouts phase now and the company is expected to start operation from Q2 2024 for the first phase,” said two people aware of the development.
In the first phase, the company will occupy around 710,000 sq ft, while the remaining 390,000 sq ft in part of the second phase expansion option by the multinational bank, as per the registered document. As per the industry estimates, the property can seat 7,000-8,000 employees.
Work on the 6.8 million square feet IT park, spread over 27 acres, is ongoing and the entire campus is expected to be ready by 2026.
"This trend is primarily influenced by heightened consumer confidence in these brands, substantial improvements in their financial positions, and their ability to deliver high-quality, secure, and sustainable ecosystems over the years," DLF chairman Rajiv Singh said in the companys annual report. In Q4 FY23, DLF reported a net profit of Rs 580 crore, marking a 30% year-on-year increase, attributed to the robust performance of its residential business.