Bengaluru: Property developer Salarpuria Sattva is expanding its commercial office portfolio by adding 7 million SQFT of Grade-A office space in Bengaluru over the next next three years, its chief executive Bijay Agarwal said.
The company already has about 10 million SQFT space in the city – 7 million leased out and 3 million in various stages of construction – which generates annual rentals of nearly Rs300crore.
Salarpuria, which counts HSBC, TCS and Deloitte among its major clients, said in the first phase of construction, three business parks of 1 million SQFT each would come up on Sarjapur Road, Bellary Road and Outer Ring Road (ORR). The plan also includes the 0.8 million SQFT property it bought from Schneider Electric for Rs 100 crore earlier this year. “The commercial market continues to be strong with rentals around our upcoming parks moving up,” Agarwal said.
Salarpuria is also set, along with Blackstone, to buy Coffee Day’s Global Technology Park on Mysuru Road, where it will have an ownership of close to 20%. Bengaluru has continued to remain the biggest office market in the country, absorbing 13.4 million SQFT in 2018, up 14.5% from the previous year, as per data from property consultancy Knight Frank. That was more than 25 % of the leasings in India last year.