Major Indian Footwear manufacturer, Relaxo, was operating out of a "Low" Grade and obsolete Building in North Delhi for almost 2 decades and wanted to move into better locality and "A" grade building but within North Delhi zone. Relaxo was facing a challenge as there is limited supply in that territory and higher prevailing rentals in majority locations due to lack of supply.Project Details
• Property : Unity's Aggarwal City Square, Delhi
• Transaction Size : 50,000 sq.ft.
• Transaction Type : Leasing Services
Constant brainstorming with Relaxo led to RRPL suggesting to opt for a standalone building. North Delhi offers very few such options with all the modern day facilities. Hence, after a detailed analysis, RRPL offered to join hands with a developer who would provide them with all the basic facilities along with efficient management of equipments to reduce the day to day maintenance cost with complete ownership of maintaining & up keeping the building to the best levels possible.Transformation
Having provided the financial working & location advantages of a standalone tower in a multistory building in the heart of North Delhi, Relaxo footwear benefitted as below:
1. Un-matched Commercials
(a). The location was one of the main attractions of the building, matching Relaxo's workforce sentiment.
(b). The rentals negotiated with the landlord were one of the most competitive as compared to the market rate in the vicinity, showing landlord the long possible occupation by Relaxo.
2. Building Advantage
(a). Keeping in mind the limited supply of Grade "A" buildings in North Delhi with centralized AC & full power backup where the landlord could maintain the building at a low cost was a challenge which Relaxo overcame due to this one of a kind offering. As a result, RRPL successfully transacted one of the largest space transactions in North Delhi and earned good appreciation from Relaxo for the same.