Skootr (Twitter image)
Hyderabad: Managed office space provider, Skootr Global has announced its plans to invest Rs 75 crore in Hyderabad to double up its office space under management. At present, it has about 3.5 lakh sq. ft and is looking to invest in a similar amount of space this year, said Puneet Chandra, co-founder, and director.
Skootr proposes ‘workspace-as-a-service’ wherein the company takes office spaces on lease. It has clients from IT, BFSI, commodity trading, architecture, and other sectors.
“Our current portfolio is about 3.5 lakh square feet (sqft) across three projects in Hyderabad. These centers are new but the occupancy has already touched about 75 percent. We are bullish on Hyderabad and are looking to add another 3.5 lakh sqft this year. We have initiated discussions on this front. This will take our total managed space to 7 lakh sqft,” said Chandra.
“Our spending is about Rs 2,000 per sqft. Adding deposits and other costs, the total exposure we have taken in Hyderabad so far will be about Rs 75 to 80 crore. The next phase of investment will be slightly more as costs of some materials have gone up,” he added.
Chandra further said that in the post COVID era, the industry wants flexibility and more services to be delivered to their employees. “Emphasis is on having spaces that foster collaboration. The majority of office space transactions are taking place in the managed space segment,” he said.
Chandra said that he is very bullish about investing in Hyderabad. “Hyderabad is IT-heavy and very exciting. We are bullish on the city for our growth. We see Hyderabad be in parallel with Bengaluru very soon. The IT and political infrastructure here is conducive to the growth of the IT sector. There will be growth in Hyderabad due to lower rentals as well. Bengaluru has now become a Rs 120-130 (per sqft) market and Hyderabad is a sub-dollar market,” he explained.
This post was last modified on April 13, 2022 6:06 pm