Co-working firm Incuspaze plans 0.5 million sq ft offices in Gujarat in 2021 – ET RealEstate

Flexible office space provider Incuspaze is planning to set up five new offices spread over 0.5 million sq ft in Gujarat over the next one year.

The co-working firm has forayed into the Gujarat market with its maiden office set up spread over 12,000 sq ft at Vijay Cross Road in Ahmedabad.

The proposed new centers will come up in cities across Gujarat including Vadodara, Rajkot, and Surat.

“In Gujarat, Ahmedabad is the first and our second office is coming up in Vadodara. We have partnered with the Alembic group and this new facility is due to be launched later this month and will have a capacity of 1,000 seats making us the largest managed office space provider in Gujarat,” said Mohit Srivastava, COO, Incuspaze.

Currently, Incuspaze is present across 30 cities with over 58 offices across India. The company’s upcoming centers in Vadodara and Trivandrum will house more than 1,500 seats combined.

“Surat and Rajkot are other cities which we are evaluating closely and are open to working with asset owners across these markets as we have plans to add 5 lakh sq ft of area In Gujarat by 2021,” Srivastava said.

Post-Covid-19, large corporate organizations are reviewing their real estate strategies and reassessing portfolios with an objective to save on their overall expenses. Around 25% of co-working spaces in the top eight cities– 6.4 million sq ft of the total 25.45 million sq ft–is operated by small players, with Bengaluru and the National Capital Region housing most of these companies.

There are over 250 co-working firms in India and the segment is dominated by the top 10 players that hold a 75-80% market share in the top eight cities.

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Gujarat government approves Surat’s draft development plan-2035 – ET RealEstate

AHMEDABAD: The Gujarat government on Thursday approved the Draft Development Plan-2035 for Surat. Chief Minister Vijay Rupani gave his nod for the Surat DDP-2035 prepared by the Surat Urban Development Authority, officials said.

Surat is one of the fast-growing cities in the country, known for its flourishing diamond polishing and textile industries.

Almost 80 per cent of diamonds sold in the global market are cut and polished in the city.

Surat is also home to a large number of migrant workers from across the country, especially from Odisha and Uttar Pradesh.

With the clearance of development plan for the next 15 years, nearly 850 hectares of land would be available for development, a government release said.

Land spread upto one km from both sides along the 50- km stretch between Kamrej and Palsana on the Ahmedabad-Mumbai national highway would be available for residential and commercial development near Surat, it said.

The industrial growth corridor proposed in the development plan, in view of the industrial development happening in Hazira area, would give a boost for well planned industrial development in this region, it added.

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Gujarat government to announce affordable rental housing scheme for students – ET RealEstate

AHMEDABAD: Soon, the students in Gujarat and those coming from other states will be able to avail rental homes at much cheaper rates than the market price. The Gujarat government is all set to announce its new Affordable Rental Housing Complexes (ARHC) scheme in a week or two.

Under the ARHC scheme, the government will be tying up with private players, under the public-private partnership (PPP) model, to utilise vacant houses in the Gujarat Housing Board and other schemes.

The developer or property management firm will be given vacant houses on a fixed rental model under which the firms can rent it out to lower income group (LIG), economically weaker section (EWS), students and others.

Similarly, the government also has another model in which the developer can come up with their own project and construct dwellings as per given specifications. Here, the developer will be also getting 50 per cent more FSI (Floor Space Index) for free.

This will help reduce the overall cost of the construction.

However, the developer will have to get the rentals approved by the government so that it’s lesser than the prevailing market rates.

Commenting on the development, Secretary of Urban Development and Urban Housing Lochan Sehra said, “The central government had announced the ARHC scheme and the state government is all set to replicate it in Gujarat.”

He added, “While the benefit of the same can be availed by the EWS and LIG segment, the same will be passed on to the students too. This will not only boost the real estate sector but will increase projects in industrial and educational areas like the knowledge corridor in Gandhinagar, etc.”

According to the realty experts, the scheme would have been better if the government would have announced heavy subsidies for the construction under this category.

Yogesh Bhavsar, senior vice president of NAREDCO, a registered real estate developers’ body, told Mirror, “We welcome the government’s initiative as it will allow many developers to get into active mode. The scheme’s maximum benefit will be seen in industrial areas like Sanand, Kalol and Santej.”

However, he stressed, “Considering the cost of land in the municipal corporation and urban development authority areas, rental projects in urban areas don’t seem viable.”

Students welcome proposal

Manas Agrawal (21), a student of PDPU, said, “We currently live in a college hostel and pay close to Rs 7,000 per month as rent. Moreover, we have to share the room with someone else. Therefore, if we get our own space at cheaper rentals it would be better. It will save money and give us privacy too.

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