Asset manager Blackrock Inc. is currently negotiating with two real estate developers in the National Capital Region (NCR) to lease 1 million sq ft of office space, according to sources close to the matter.
As part of its strategy to strengthen and expand its footprint, Blackrock is in discussions with Bharti Real Estate and DLF regarding their forthcoming projects, ‘Worldmark’ and ‘Downtown’, respectively.
Blackrock is eyeing an entire building within the ‘Worldmark’ complex in Delhi’s Aerocity or the ‘Downtown’ project in Gurgaon, with an imminent deal expected, according to the sources.
“This will not be a built-to-suit property; however, both developers are willing to allocate an entire tower based on requirements. The new developments are attracting interest from global clients,” stated an insider.
Blackrock has not responded to RealtyDailyNews’s inquiry.
DLF, which has over 11 million sq ft in the upcoming ‘Downtown’ project, has pre-leased a significant portion of that space.
For FY25, DLF Cyber City Developers Limited reported consolidated revenues of ₹6,448 crore and an EBITDA of ₹4,949 crore, an 11% year-on-year growth. The consolidated profit for the year reached ₹2,461 crore, marking a 46% year-on-year increase.
Bharti’s development at Delhi Aerocity has a projected total development potential of 17 million sq ft, with approximately 5 million sq ft designated for retail. Once completed, the project is anticipated to generate annual rental income exceeding ₹5,000 crore.
Bharti has already initiated development on around 6.5 million sq ft, investing over ₹6,595 crore.
Future phases will involve the development of an additional 10 million sq ft, including around 2 million sq ft for retail.
In its initial phase, Bharti completed the ‘Worldmark’ buildings 1, 2, and 3, totaling approximately 1.5 million sq ft as part of a comprehensive 60-acre development project.
In Q2 of 2025, the NCR region witnessed a gross leasing volume (GLV) of 4.6 million sq ft, reflecting a 68% increase quarter-on-quarter and 31% year-on-year, as per Cushman & Wakefield.
Gurgaon accounted for 70% of leasing during the quarter, followed by Noida and Delhi at 25% and 5%, respectively.
Approximately 65% of the transactions recorded in Q2 involved fresh space take-ups, while term renewals constituted 19%.
Precommitments made up 16% of the Q2 GLV, remaining consistent with levels observed in the previous year.
