Facebook has renewed its lease for a massive 3.7 lakh sq ft office space in Hyderabad’s Hitech City for five years, paying a monthly rent of Rs 2.8 crore. The article also details other major leasing deals.
Hyderabad: Facebook has renewed its lease for the next five years for a 3.7 lakh-square-foot office space in Hyderabad’s Hitech City. According to the registration documents accessed by Propstack, the company will now pay a monthly rent of Rs 2.8 crore for two lands. This office is located at The Skyview, a prime IT hub in the city.
The company in December 2024, renewed another lease of 84,053 sq ft, at a rent of Rs 65.7 lakh per month. In April 2024, in a separate renewal, Facebook agreed to pay Rs 2.15 crore per month for a office space measuring 2.8 lakh square feet. The lease term is five year and the security deposit amounts to Rs 16.8 crore. As per the document the rent will increase by 15 per cent from January 2026.
Soaring office rental prices in Hyderabad’s IT corridor
Hyderabad’s IT corridor is seeing high demand for office rentals. Locations like Hitech City and Gachibowli are particularly in high demand. The average rent in Hitech City has risen to 27,500 per month in 2023 from Rs 23,000 in 2019. In Gachibowli the average rent has soared from Rs 26,500 in 2023 from Rs 22,000 in 2019, showing a 20 per cent rise. A 19 per cent rise has also been recorded in Kondapur, as per a report from ANAROCK.
Other major tech companies’ leasing activity in Hyderabad
Google also renewed its lease in August for a 3.7 lakh square feet office space for rent of Rs 2 crore per month with the landlord Megasoft Limited. The company paid a deposit of Rs 10.6 crore for this office which is located in Salarpuria Sattva Knowledge Capital. Google is paying the rent of Rs 55.2 per square feet per month.
Various multinational companies, including Qualcomm Inda, S&P Capital IQ, LTI Mindtree, and IBM India, in June 2024 have signed commercial leases in Hyderabad. The price of the land ranges from Rs 70 lakh to Rs 3.15 crore monthly. These transactions included domestic to international corporate giants including lessors like Midas Projects Private Limited and Divija Commercial Properties.
Author: VS NEWS DESK
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