Apeejay Surendra group leases 11k sq ft in Delhi to open co-working centre

NEW DELHI: Apeejay Surrendra group on Friday said it has taken on lease 11,000 sq ft area in central Delhi to open a new co-working centre with 220-seating capacity.
The group runs its co-working business though Apeejay Business Centre (ABC), which is part of Apeejay Real Estate, a division of Apeejay Surrendra Group.

This is the company's 11th business centre in India taking the total capacity to 2,300 seats.

"We have taken on lease 11,000 sq ft in Barakhamba Road for our new centre. This is the second in the Delhi-NCR," Apeejay Real Estate CEO Shouvik Mandal said.

The company will offer seats in a price range of Rs 22,000-Rs 25000 per month, he added.

"Barakhamba is Delhi's pivotal business hub with an ever-growing demand of curated office spaces for entrepreneurs, start-ups and corporates. We have compassed our expansion in Delhi foreseeing the growing participatory culture and collaborative work zones," Mandal said.

Asked about revenue, he said the Apeejay Business Centre posted a revenue of Rs 20 crore last fiscal, which may rise up to Rs 30 crore this financial year.

The concept of serviced office space model is increasingly becoming favoured in India, Mandal said.

Apeejay Business Centre has now three centres in Kolkata, two centres each in Delhi-NCR, Mumbai and Pune, and one centres in Hyderabad and Chennai.

With a consistent occupancy of 85-90 per cent, Apeejay Business Centre's capacity is slated to touch 3,000 seats by the end of current financial year.

Blue Chip corporates like Lenovo, Amazon, Motorola, Kotak Mahindra, BOI AXA, Vistara, Abu Dhabi Commercial bank, Fuji Electric, OLX India, Edelman and Nord Drive Systems are amongst its clients which have used its centres for the last two decades.

Apeejay Real Estate is a leading developer of commercial property, logistics & industrial parks and business centres. It owns and operates commercial, residential, educational, mixed use, fully furnished serviced offices and service apartments, warehousing and industrial developments.

Established in 1910, Apeejay Surrendra Group employs over 43,000 people in rapidly expanding operations in tea, hospitality, shipping, and real estate and retail and has diversified into new business initiatives marine cluster, logistics and knowledge parks.