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September 4, 2001
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Money > Business Headlines > Report September 4, 2001 |
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To let: 25% space in IFCI headquartersSidhartha Cash starved IFCI Ltd is scouting for tenants to let out nearly 25 per cent space in its 19-storey headquarters in the south Delhi business district of Nehru Place. Sources in the institution said talks have been initiated with a number of corporates to let out around 30,000 sq ft area in IFCI Tower which has a total floor area of about 125,000 sq ft. They added that IDBI Bank, which shares a common parent with IFCI in financial institution Industrial Development Bank of India, has already taken up some space in the building and has also put up an ATM. IDBI Bank is using the space to set up a branch office. Sources said a number of companies had evinced interest in taking up space in IFCI Tower but negotiations are in an advanced stage with Citibank and ABN Amro. Talks are also under way with Star TV and Zuari Industries. Going by the current market rate of Rs 150-200 per sq ft, executives said the institution estimates revenues between Rs 4.5 million to Rs 6 million. They added that apart from revenue from the property, IFCI would be able to cut down on maintenance expenditure. They also said with about 60 executives opting for the voluntary retirement scheme, the institution has a lot of vacant space. "There is no point in keeping these spaces unoccupied," said an executive. Sources said IFCI is insisting the tenants should not make any alterations to the building, including putting up partitions and workstations. "This is holding back the final decision. Moreover, some of the people we are talking to want insertion of certain clauses in the pact which we are not agreeing to," said an executive. IFCI shifted its head office to the present premises only about two years ago. It had issued an advertisement for prospective tenants. Though a number of companies evinced interest, some of them were not willing to pay the going market rate. Powered by YOU MAY ALSO WANT TO READ:
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