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Technology firms L&T Infotech (LTI) and L&T Technology Services (LTTS) are in talks to pre-lease approximately 1.4 million sq ft of office space at L&T’s upcoming launch. commercial in the office Chennai In this year’s largest commercial space leasing transaction. The lease will be spread over a period of 10 years at the L&T Innovation Campus, a mixed-use development spread over 40 acres.
“The facility is scheduled to be delivered and operational by the end of 2024, and can seat more than 15,000 employees for technology firms,” said a person with knowledge of the deal. The 4.5 million sq ft IT park will be one of the largest IT parks in Chennai. The site was previously the manufacturing facility for L&T Valves.
Once terminated, this will be the third lease signed by the company this year.
Earlier this year, L&T Realty had pre-lease 600,000 sq ft of office space to the technology firm Mindtree At its upcoming commercial office in Chennai. L&T could not be reached for comment.
L&T is also in talks with Capitaland to sell three towers spread over 2 million sq ft. “The deal is under due diligence and may take another quarter to complete,” the person quoted earlier said. Both L&T Infotech and L&T Technology Services have expanded their talent pool in the last two years.
L&T Technology Services alone hired over 3,000 freshers last year and expects to do a similar number of jobs in FY2023. India’s IT services sector created more than 500,000 new jobs in FY 2012, the report shows. This is more than double the number previously estimated for the net growth of the country’s active IT workforce for 2022.
This high growth can be attributed to attrition refills for an annual attrition rate of 22-25%. Last year’s estimates said that India’s IT industry will create 220,000-260,000 new jobs.
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