Vatika leases 50K sq ft to Decathlon in Gurugram retail project

Realty firm Vatika has leased about 50,000 sq ft area to retail chain Decathlon in its project at Gurugram. Vatika has leased this space to French firm Decathlon, which is into retailing of sports goods, at its project 'Shopper's Village INXT' in New Gurugram, Haryana.

The project, which is part of a large township, will have a leasable area of around 1.2 million sq ft. Alok Mehta, Head Product Strategy, Vatika, said Decathlon has been pre-leased about 50,000 sq ft area in this project to open its flagship store in New Gurugram.

The project will be developed in two phases with an estimated cost of about Rs 600 crore, he said. The first phase comprising around 5 lakh sq ft would be operational by mid 2022.

Asked about the rental, he said it is around Rs 100 per sq ft currently but will rise significantly with progress in construction work.  Mehta said the company has leased 1.3 lakh sq ft area so far including to Decathlon and talks are underway for further 2.2 lakh sq ft. Incorporated in 1986, Vatika Group is one of the leading developers in the National Capital Region and its portfolio includes residential, commercial, townships, hotels, education, business centres and facilities management.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)