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The company has also paid security deposit equivalent of six months’ rent, amounting to Rs 16.8 crore for the office space in commercial complex the Skyview, which is a collaborative venture between RMZ and realty developer My Home Group.
One of these renewals was concluded in April and the latest one was finalised earlier this month, showed documents accessed through realty data analytics firm Propstack.
Facebook’s decision to extend the lease of these office spaces comes amid growing competition in the office space segment, with multinational companies vying for prime real estate to house their expanding operations.
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The deal also reflects Facebook’s commitment to maintaining its operations in Hyderabad, a key hub for its workforce and technology initiatives in India. Hyderabad has emerged as one of India’s most sought-after commercial real estate markets, owing to its robust information technology ecosystem and infrastructure.
ET’s separate email queries to Facebook and RMZ remained unanswered until the time of going to press.
India's commercial real estate sector has witnessed a surge in office space lease renewals, in addition to new transactions, reflecting sustained demand and long-term confidence in key markets.
Leading technology companies, financial institutions and multinational corporations are opting to extend their leases in major business hubs like Bengaluru, Hyderabad, Mumbai and Delhi-NCR.
Recently, US-based CA Technologies renewed its lease for over 108,000 sq ft office space in a commercial complex Eon Free Zone in Pune’s eastern information technology corridor of Kharadi for five years. Also, American multinational corporation and technology company Nvidia Corp renewed its lease for over 375,000 sq ft office in Pune's Yerwada for a long-term tenure of 10 years.
The trend underscores the resilience of India's office market, supported by a robust talent pool, the adoption of hybrid work models, aggressive expansion plans by businesses and favourable economic indicators, positioning the country as a hub for commercial real estate despite global economic uncertainties.
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