The Indian real estate market has flourished into one of the preferred sectors that has contributed to the economy. With numerous players in the market, challenges like affordable residential spaces are countered with strategic planning. Most of the metropolitan cities are noticing trends wherein residents who were more or less content staying as tenants are now transitioning to become first-time property aspirants. With the evident rise in social, commercial and IT infrastructure development, residents are experiencing seamless connectivity to the rest of the city. Millennials are on the rise and are capitalizing on opportunities that help in embracing a convenient lifestyle. Aspiring IT professionals don’t mind compromising amenities provided within residential projects in order to enjoy connectivity to work and vice versa.
To counter this, private enterprises have come up with an initiative known as co-working spaces. These are spaces which allow residents to work close to where they stay and network with like-minded working professionals. This step was turning out to be expensive because of land scarcity. However, tides have changed for the good now and prominent property developers are extending a helping hand in coming with such spaces to cater to rise in requirements for co-working spaces. Realtors like RMZ Corp, Embassy Group and K Raheja Group are investing in a major way to come up with such spaces. This has not only helped residents from all lines of work, but it has contributing to uplifting the real estate market. Most of the metropolitan cities are witnessing an exponential rise in such working spaces that has helped working professionals’ network and enjoy impeccable connectivity to the rest of the city. Let’s now look into specifics which can give us an understanding of how co-working spaces are the need of the hour.
CoWrks by RMZ Corp- Leading by example
RMZ group, renowned to come up with spaces to cater to spaces like IT tech parks have now spread their arms in coming up with co-working spaces. CoWrks by RMZ Corp is a chain of such working spaces all across the country. The organization is expanding at a rapid rate with a whopping 15,000 seats that are spread across 1.5 million sq.ft. There is always room for improvement and progress as every year students passing from reputed educational institutions is quite astounding. CoWrks now aims at owning 70-80 centers, extending their seating capacity to almost 70,000 which would span across 7 million sq.ft. The fact that prominent realtors are getting to help co-working spaces flourish establishes profitable business relationships for future business prospects. On the contrary, residents who are looking to invest in residential properties can enjoy increase in land appreciation because of the presence of such spaces. Investing early can help them double on an alternate source of income.
WeWork partners with Embassy Group- Redefining the Indian real estate market
Embassy group has also had their share of phenomenal success in creating premier residential spaces in emerging parts in Bangalore. With Embassy Golf Links at Domlur, Bangalore, the group has now extended their operations in catering to the co-working space business. Embassy Group has now partnered of joined hands with the US-based organization WeWork in order to fulfill requirements in India. This partnership is the same as how internationally-renowned architects’ partner with property developers in India to create fascinating residential spaces. WeWork pays Embassy group the required management fee needed to run these co-working spaces along with ideas in designing, employment technology and real-time information for smooth operations. WeWork in India has expanded across the nation quite seamlessly with centers at Bangalore, Delhi and Mumbai. With staggering rise in co-working spaces in India, local residents can now think about gathering information in regards to current property trends and invest with utmost caution and confidence.
The Space- Profitable business ventures between equity firms- Matrix Partners
Finally, K Raheja Group, a prime contributor to the Indian property market in Maharashtra has made amends and is helping the co-working space grow. They are now in a joint venture with a renowned equity corporation called Matrix partners in order to come up with “The Space”, which is committed to provide infrastructure for residents looking exclusively for co-working spaces. The centre in Powai Mumbai can house a 2-6 Member start-up firm which is rotated every three months, wherein other start-up organization are welcomed to use such facilities and minimize on operational expenses. In conclusion, with the emerging rise in co-working spaces by prominent realtors, Indian economy is sure to shoot up with profitable foreign direct investment opportunities.