This is one of the most notable deals in the real estate scenario in Gurgaon in recent years. Prior to this, the real estate giant had also provided around 60,000 sq. ft.
space for office to its co-working operator, Skootr. In India, the demand for co-working space is on the rise. The rents are affordable and the working options are flexible. This makes it easy for the buyers to afford the properties.
The sources revealed that the space has been leased out to WeWork by DLF in the Cyber City, in Gurgaon. The rates are around INR 130 per sq. ft. monthly rental. The spokesman of DLF declined to make any comment on the leasing transition. On the other hand, the WeWork spokesperson could not be reached.
Presently, DLF has around 30 million sq. ft. of commercial space. The major part of this is located in Gurgaon.
The promoters of DLF completed the sale of 40% stake in the rental arm DLF Cyber City Developers Ltd (DCCDL). The cost of this development was around INR 12,000 crores.
This deal also included a 33.34% stake to the sovereign wealth fund in Singapore, GIC, for around INR 9,000 crores. The company has a 66.66% stake in the DCCDL now. The real estate company is presently developing an office project in Gurgaon.
It has purchased a 12-acre land in the city. The cost of the land has been around INR 1,500 crores. The prospects of the company seem to be bright in near future.
It has been carrying out several dealings simultaneously in different parts of the country.
We Work is a platform that provides community, space and services to assist people make a life. The company has made its entry into the Delhi-NCR region in recent times, launching its collaborative space in Gurgaon.
Prior to this, We Work has established its business in five other locations in the country. The One in Gurgaon was the sixth project of the company.
Apart from this, the other locations where the co-working spaces have been developed are in Bangalore and Mumbai. In Bangalore, three locations have been developed, while two have come up in Mumbai.
The company, with the launch of the 'We Work Bristol Chowk' at Gurgaon, will provide space for more than 7,000 members across the country. This will strengthen the business firms looking for co-working space.
We Work India General Manager Karan Virwani commented on the launch of the Gurgaon centre, stating that they would create the necessary business environment with office suits, desks and other elements, whenever their clients needed.
They were ready to collaborate with any teams of any size. The trend of co-working in India is on the rise. In 2018, this sector is likely to receive investments around USD 400 million.
Co-working benefits both the firms, as they can make an optimal use of the available space. While co-working has been in the trend in other countries, it is fast gaining popularity in India.
This is a major development in the real estate sector, as companies are looking for co-working spaces at affordable rates. It will help them to reduce rental costs to a great extent.