AIPL leases 5 lakh sq ft office space to corporates in Gurugram project; expects Rs 50 cr annual rental income

New Delhi, Jun 14 (PTI) Realty firm Advance India Projects Ltd (AIPL) has given on lease around 5 lakh square feet of office space to many corporates in its commercial project in Gurugram that has been developed at a cost of Rs 320 crore.

AIPL has developed commercial project 'AIPL Business Club' at Golf Course Extension Road, Gurugram with a total leasable area of around 6.75 lakh square feet, mainly office space with some portion of retail and a food court.

The company has leased about 500,000 square feet of office space to many large corporates, AIPL said in a statement.

"The project has been developed with an investment of around Rs 320 crore. The company anticipates an annual rental income of approximately Rs 50 crore," it said.

Key tenants include Kuehne+Nagel with 65,220 square feet, followed by Lummus Technology occupying 52,374 square feet, Milliman with 52,374 square feet, British Airways with 52,378 square feet, Deloitte with 51,409 square feet, Cargill with 35,797 square feet.

AIPL said it has so far completed 60 projects spread across various cities.

It has a portfolio of over 7 million square feet of premium office spaces, 3.7 million square feet of retail spaces and about 800 acres of residential township development across Delhi-NCR and Punjab. PTI MJH ANU ANU