Is Mohali the upcoming destination for major corporates ? After absorption of spaces in the Leading cities of Gurgaon, Bengaluru, Pune, Hyderabad, Chennai & Mumbai now Mohali seems to be the new home for Big Corporates & IT as well ITES Organisations. Seeing the continuous growth and availability of well skilled labour in Mohali, the chances of absorption of Mohali as another Technology hub seems bright.
After the establishment of various IT Companies like Dell, Edifecs, Span Infotech, Serco, Smart Data, OATI, Seasia, HCL and major Corporates like Ranbaxy, Emersons, Quark, Prime Focus in the city from long & after the arrival of major IT Companies in the Technology Park, Chandigarh with early small and a few major setups, a certain growth of the industry was witnessed in the region. A recent trend has been noted that with a big number of Entrepreneurs coming up with sharp skills and great creative ideas the demand for small to medium sized office space is growing with pace. However, with the arrival of the major corporates like Infosys, Parexel, Schneider, Reliance, Indus Tower, Yap App in Mohali and joining in the league of well established IT as well as ITES Corporates shows clear sign as well throws light on the vision and intensions of the city being absorbed as the upcoming hub by the Tech Giants.
Earlier the city markets were well known more for Web development & IT enabled Services, like the technical back-end support, Call centre and Customer service Setups, but at present the industry is going forward with several new entrants in the IT sector such as data analytics companies, online travel companies, e-commerce companies and social networking platforms have identified the city as the next bright spot. There is an exponential increase in number of BPO/KPO/LPOs replacing the old call centers concepts.
This is good news for owners and developers who have given an overwhelming response to the continuous growth in the industry in the city as well as have developed new and ultra modern office spaces in order to cope up the increasing demand for the office space at very nominal lease amounts, but is a challenge for office seekers as they face the prospect of higher lease amounts and a petty options to choose from when it comes in terms of ready to move in or plug n play spaces when looking for an office with short notice in hand. Mohali, can be the home to a big number of Corporate giants as the lease amounts are considerably low as compared to the other leading cities. A raw bare shell can be leased in the price brackets of Rs. 25-35 per square feet, a warm shell can be lease in the price range of Rs. 38 to Rs. 45 per square feet and those looking for a ready to move in or plug n play Office space can find one is the range of Rs. 48 to Rs. Rs. 65 per Square feet easily.
The demand of Office space vertical in India continues to grow at a steady pace with some major exponential growths. However, Mohali is still expecting a big shake up as the big giants are exploring the opportunities available in terms of skilled and qualified work force at better prices, ample residential houses at convenient and cheaper rates. And most important the Prime Office spaces are well located, Ultra Modern with high end technology and are cost effective & comparative across the leading tech hubs.
A sector-wise detailed strategic analysis of office space lease revealed that IT/ITeS firms continued to lead office transactions making it approx 70% of the deal closed in the city. Besides the IT/ITeS sector, BFSI and Commercial Retail were the other two major sectors raising up the demand for office space resulting to about 15 to 20% share in space absorption.