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The company will pay a rent of INR 72 per square foot per month in the first three years of the lease, according to a source with direct knowledge of the deal. The company also renewed its lease with Embassy Crest in Whitefield from Embassy Property Developments for 60 months at the end of 2023. Mercedes-Benz Research and Development India is planning to hire over 1,000 engineers in India in the upcoming year, as per market information.

The company will pay a rent of ₹72 per square foot per month in the first three years of the lease, according to a source with direct knowledge of the deal. The company also renewed its lease with Embassy Crest in Whitefield from Embassy Property Developments for 60 months at the end of 2023. Mercedes-Benz Research and Development India is planning to hire over 1,000 engineers in India in the upcoming year, as per market information.

Experts say the office supply completions across the top seven cities in India will touch 165 million square feet between 2023 and 2025 while Bengaluru will lead the supply with 29 percent of the total share in India.

The R&D centre of the German automaker leased the space at Embassy Crest in Whitefield from Embassy Property Developments for 60 months with a 5% escalation every year.

The renewal is for commercial space totalling 5.42 lakh sq ft in the Embassy Crest building in Whitefield.