Group’s ARE to enter Bengaluru
Apeejay Surrendra Group will enter the co-working office space market in Bengaluru by next fiscal as part of its plans to have 10,000 seat capacity in three years from 2,100 during the second quarter of 2018-19.
With this, the group’s real estate division Apeejay Real Estate (ARE), would be marking a presence in the co-working and plug-and-play office segment in all major cities, including Chennai, Hyderabad, Kolkata, Mumbai, Navi Mumbai, Pune and Delhi (Gurugram), Shouvik Mandal, head, ARE said.
In Kolkata, the group unveiled its second facility with 350 seats in addition to the 250-seater facility at its corporate office which has 95% occupancy.
Space for start-ups
At least 45 seats in the new facility would be earmarked for start-ups, he said.
A second facility is being proposed at Gachibowli in Hyderabad.
Each Apeejay Business centre has serviced offices, fluid co-working spaces and work cabins offering shared options for start-ups, mid-segment business, large corporates in transit, common facilities like manned reception, common security, meeting rooms and a business lounge. ARE is present in development of commercial properties, business centres and industrial and logistic parks. The Group is present in tea, hospitality, retail, financial services and marine clusters.
Noting that investing in co-working facilities was at a nascent stage in India, a JLL, CII and Wework (a U.S. company) report said that the market size in India was between 12 and 16 million square feet. It saw a doubling of the number of business centres to 400 by 2020.
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