Wipro is selling two office assets in Bengaluru and Hyderabad to monetise non-core real estate holdings and streamline operations.
The properties include parts of its campuses in Gachibowli, Hyderabad and Electronic City, Bengaluru, said multiple people aware of the company’s property divestment plans.
“Wipro has identified the assets as non-core for them and is willing to divest both Bangalore and Hyderabad properties. With a hybrid work model, the move is to consolidate operation across different cities,” said one of the persons quoted above.
The technology firm wants to divest 14 acres of land in Gachibowli, while it is assessing if it wants to divest the entire campus in the Electronic City, Bengaluru.
“Wipro will consolidate its operation in Bangalore and is still deliberating if the entire 25 acres should be monetised in one go. They may opt for five-acre monetisation in the first phase in Bangalore,” said the person quoted above.
A Wipro spokesperson said: “Wipro does not comment on rumours and speculation”.
Wipro operates three properties in Bengaluru, including a 25-acre campus in Electronic City with a built-up area of over 200,000 sq ft. In Hyderabad, it owns theee campuses spread in the financial district and Manikanda. “Most of the assets identified were government-allotted land to the company more than two decades ago,” said another person.
Wipro, the country’s fourth-largest IT firm, has recently implemented a “compulsory hybrid work policy requiring a minimum of three days in the office”. Employees at Wipro will have to report to work from the office at least three days a week starting November 15, the company said in its recent communication to employees.
For the September quarter, the IT major’s employee count stood at 244,707, with attrition volume of 15.5%.
The evolution to a hybrid work model is reshaping India’s real estate landscape, redefining space as an enabler of collaboration rather than mere occupancy. Additionally, many IT companies have recently announced their decision to cease hiring.
India’s commercial real estate industry has shown remarkable resilience amid global challenges, thriving due to its skilled workforce and cost-effectiveness. Notably, the office space absorption in major property markets hit an 18-month peak in the September quarter. Recent data reveals a significant surge, with leasing reaching a six-quarter high of 10.37 million sq ft across the top seven office property markets, marking a 30% increase from the previous quarter.
