How a boom in corporate office leasing reflects India’s solid economic base
Dec 14, 2017
Source ET news
The startup world, for sure, moves at a rapid pace.
On January 2, Vaibhav Jaiswal, 32, launched 1stKEYS.com in New Delhi, a real estate startup that offers brokerage and other services. Over the past 20-odd days, he has ramped up his staff count to 40 — 20 each in IT and sales & marketing. The IT team operates out of a small space in Ashok Vihar, North Delhi. “The sales & marketing team operates out of anywhere — homes, cars and cafes,” says Jaiswal. They won’t have to operate that way for long.
In the coming month, Jaiswal and his team will move to a 2,500 sq ft, 25-seater office space in Spaze i-Tech Park on Sohna Road, Gurgaon. “It’s a nice office with a corporate feel. We will have OYO Rooms and the Hero group as our neighbours,” he beams. Backed by investors from London and Dubai, amongst other global outposts, Jaiswal has big plans. In six months he hopes to open branch offices in Noida and Mumbai. And by the year-end, he aims to have eight offices in India and two overseas. “We w ..
Last November, serial entrepreneur investor Ritesh Malik, 26, started a co working space Innov8 in Delhi’s Connaught Place. The hub is a hip oasis in an otherwise run-down Regal Cinema building. Within two months of its launch, the 9,000 sq ft hub is operating at peak capacity, teeming with 40 startups and 112 people. “We got over 500 applications out of which we chose 112. Operationally, we began making money from day one,” he says.
Encouraged, Malik is exploring a range of opportunities — coworking hubs in other cities such as Mumbai, Bengaluru and Pune. He is also toying with the idea of setting up a chain of coliving hubs where startup workers can live and work.
It is easy to be a sceptic today. Frenzied — and a tad hyped — growth among startups in India is a well-tracked story. Despite the International Monetary Fund calling India a bright spot in difficult times, there is plenty for the Cassandras to worry about. Global headwinds, turmoil in China, leveraged India Inc, muted capital expenditure, bearishness on Dalal Street, a contraction in the latest Index of Industrial Production, and banks grappling with high non-performing assets…the list of concerns is long.