Nagarro Enterprise Services Pvt Ltd, a German IT services firm, has leased over 7.06 lakh sq ft of office space in Gurugram’s Sector 18 for a monthly rent of ₹2.90 crore, according to documents accessed by Propstack. The commercial property, developed by Chimera Developers LLP, located in Udyog Vihar and spans the basement, five parking levels, and the sixth to fourteenth floors. The lease agreement, which begins on January 1, 2025, is valid for 12 years with a three-year lock-in period. A security deposit of ₹10 crore has been paid, and the transaction was formalized on April 17 with a stamp duty of ₹2.49 crore. The lease also includes a clause for a 12% rent escalation every three years.
Nagarro’s Mega Lease Reflects Booming Demand in India’s Office Space Market
This leasing deal comes as India’s top seven cities see a surge in office rentals, reflecting strong demand in the commercial real estate market. According to a report by real estate consultancy Vestian released in April 2025, office rents rose by 4% to 8% year-on-year due to robust economic performance, rapid urbanisation, and growing interest from global companies. Delhi led the increase with an 8.2% rise to $0.9 per sq ft per month, followed by Chennai (7.7%), Mumbai (6.7%), and Bengaluru (4.7%).
In contrast, key global office markets showed mixed rental trends, with New York experiencing a 1.3% decline to $7.5 per sq ft per month. Nagarro’s substantial leasing move underscores the confidence in India’s commercial property sector and highlights Gurugram’s prominence as a preferred destination for global firms seeking premium office spaces.
Summary:
Nagarro has leased 7.06 lakh sq ft in Gurugram for ₹2.90 crore monthly, starting January 2025. The 12-year lease reflects growing demand in India’s office market, with rents rising 4–8% annually. Gurugram’s prominence grows as global firms seek premium space amid mixed global rental trends.
