With a demand for flexible workspaces on the rise, co-working firm Avanta India has decided to take up an office space spread across 20,000 sq ft on lease in central Delhi to open a new centre with an investment of Rs 10 crore.
The facility, located in Kasturba Gandhi Marg would be developed over three floors. The centre is based on 100 per cent lease model and would be suitable for start-ups and established companies alike, the company said in a statement.
“For over a decade, we have been providing top-class flexible office spaces and services in India that are best for business and available for both national and international clients,” says Nakul Mathur, MD, Avanta India.
Mathur said the new centre would have 280 seats. The company charges anywhere between Rs 15,000 and Rs 50,000 per seat, depending on location.
Mathur said the company would invest Rs 10 crore on setting up of the new centre, to be operational next month, adding that the company was looking at expanding in new cities. The company, as well as all of its five operational centres, are profitable, he said.
“In FY 2017-18, 99,600 sq. ft. out of our total space was occupied and in FY 2018-19 the area occupied has reached 1,16,400 sq. ft. which is approx. 96 per cent of the total area of the portfolio.
“After looking at the high demand of flexible office spaces, we have now decided to expand our foot print in Connaught place with a new centre expected to be operational in June 2019, offering ready to use office spaces to meet the current growth trajectory,” he says.
In September 2008, Avanta started operations from the Statesman House in Connaught Place as its first business centre in New Delhi. At present, the company owns four business centres in New Delhi and one in Gurugram with a total area of 1,20,000 sq. ft.
As per a recent report from CBRE, co-working operators have leased 2.9 million sq ft of area, largely office space, during January-March 2019 across seven major cities - a jump of nearly four folds from the year-ago period, to meet the rising demand for shared and flexible workplace.