Top 5 Deals In Rental Market In India

India is fast emerging as an investment destination for global companies. And, with a new government bringing about reforms the economic scenario, investment sentiment is on a positive mode. Many MNCs are setting up offices here, thus giving a boost to the office rental business in the country. When the leading global investment bank, Goldman Sachs, leased 1.6 million sq.ft. of office space in Bangalore in 2012, it was the largest commercial deal in property in India. Following that deal, India has seen a few large deals in the rental market.

Here's a look at five hot deals in the rental market.

Accenture: In 2013, realty firm Unitech Group entered into a leasing agreement of 8.1 lakh square feet of space in its under construction property in Gurgaon to Accenture. The rent was estimated to be Rs. 1,000 crore over a period of 15 years. The SEZ 'IST Infospace Gurgaon', has a total leasable area of 36 lakh sq.ft. Accenture leased nearly 90% of the total leasable area in this SEZ. Accenture is a global management consulting, technology services and outsourcing company with offices across the world.

Wells Fargo: American Financial Company Wells Fargo leased one million sq.ft. in Bangalore this year. The leasing deal is with Embassy Office Parks, an equal joint venture between private equity investor Blackstone and local developer Embassy Group. Unlike some other large leasing deals like that of Flipkart, this is not an attempt to consolidate their existing offices, but to expand their operations.

Amazon: Amazon is expected to sign a 1.3 million sq.ft. office lease deal in Bangalore with IT park developer Bagmane. If the deal gets through, it would be one of the largest office space leasing deals in India's history. Bagmane is one of the largest office space developers in India. Many leading IT park developers were keen on this deal. The leasing deal, it is expected, will be a three step process. This office space leasing deal is for Amazon's domestic e-tailing operations.

Goldman Sachs: Goldman Sachs leased 1.6 million sq ft of office space in Bangalore, in a two-step transaction in 2012 in a block of three buildings on Bangalore's Sarjapur outer ring road. The office is being built by Kalyani Developers on 14 acres. Goldman Sachs, guided by real estate consultant CBRE, agreed to pay a rent of Rs. 49 per sq.ft. a month. The total monthly rent would be around Rs. 60 crore a year for one million square feet which Goldman Sachs leased in the first step of the leasing deal.

Flipkart: The largest office spacing deal in the history of India is that of Flipkart. The e-commerce company has signed a three million sq.ft. custom-built office campus lease deal in Embassy Tech Village, Bangalore, for 20 years, with the Embassy group. The annual rent of the space is Rs. 180 crore, at a rate of Rs. 52 per sq.ft. Flipkart plans to raise its employee strength from 2,500 to 15,000 in the next few months. The company plans to centralize all its operations in its new headquarters in Bangalore.