In a significant commercial real estate development, German IT services firm Nagarro Enterprise Services Pvt Ltd has leased over 7 lakh sq ft of office space in Gurugram’s Udyog Vihar, Sector 18. The lease, finalised at a monthly rent of ₹2.90 crore, marks one of the most significant recent transactions in the National Capital Region, underscoring the growing appetite for premium workspaces in India’s top business hubs.

According to property registration documents accessed by Propstack, the space has been secured in a commercial building developed by Chimera Developers LLP. The lease spans the basement, five parking levels, and office floors from the 6th to the 14th. The 12-year lease begins on January 1, 2025, with a three-year lock-in period and a 12% rent escalation clause every three years.

As part of the agreement, Nagarro has paid a ₹10 crore security deposit, while the transaction attracted a stamp duty of ₹2.49 crore, paid on April 17. This move places Nagarro among a growing list of global firms, deepening their real estate footprint in India to support expanding operations.

The Gurugram deal comes when office rentals in India’s top seven cities steadily climb. A recent real estate consultancy Vestian report revealed that average office rent rose by 4% to 8% in 2024, signalling continued momentum in the commercial sector. Delhi led the charge with an 8.2% jump, while Mumbai and Chennai posted 6.7% and 7.7% increases, respectively. Bengaluru also saw a 4.7% rise.

“The rise in office rents reflects strong underlying demand and India’s resilience as a global business destination,” the report noted. It also highlighted the impact of urbanisation and the increasing presence of multinational corporations seeking modern, well-located office infrastructure.

In contrast, office rental trends in international markets presented a mixed picture. Major cities like New York experienced declines, with the average rent dropping 1.3% to $7.5 per sq ft per month, underlining India’s comparative strength in the segment.

Nagarro’s significant lease agreement underscores the company’s long-term confidence in India’s IT talent and commercial infrastructure. It also highlights Gurugram’s growing appeal as a hub for global technology and professional services companies.

As office demand rises and prime commercial inventory becomes more valuable, transactions like this are expected to become increasingly common across India’s metro cities. The move further cements Gurugram’s reputation as a premier business district in the country’s fast-evolving workspace landscape.