Over-malled Ahmedabad looks for office space

The city has been a popular launch pad for organised retail in recent times but Ahmedabad is yet to realise its potential when it comes to organised real estate.

The city has been literally 'over-malled' with around 20-30 malls expected to come up here in the next three years. The growth of malls and residential projects has however been at the cost of office space.

Developers feel a huge demand and supply gap for corporate office space in Ahmedabad. Nevertheless, some of them have realised the value of it and are jumping into the fray with projects like business centres in an attempt to cash in on the demand.

Safal Infrastructure is one of these companies. The real estate developer has planned 'Safal Profitiere', a pure corporate space project.

"For the first time in Ahmedabad, we are introducing this concept of a high rise with multiple options for companies to set up their offices. We are offering individual corporate houses of around 20,000 sq ft with elevators and exclusive exits as well as retail office space ranging from 2,500 sq ft to 20,000 sq ft area," said Himanshu Madanmohan, Director (marketing & HR), Safal Infrastructure Pvt Ltd.

Finding a high growth potential in such projects, developers like Safal and J P Infrastructure have been toying with the idea of such corporate houses. For instance, the Safal management has decided to not have any showrooms or malls inside Safal Profitiere.

However, several features such as two-level basement parking, multiple elevators and huge central courtyards have been included. As of now, the 3.8 lakh sq ft huge 11-storeyed high-rise is waiting for a final nod on its floor space index (FSI) from the concerned government authorities.

According to Jateen Gupta, director, J P Infrastructure, corporates can expect enough space from these projects.

"The idea is to provide ample space for companies to set up their own business houses. With such ready-made business houses available for them, they would be able to save time and resources spent in setting up their own offices," said Gupta. The company plans to launch its corporate space project soon.

Low FSI is perhaps the main reason for the lack of such projects. Typically, developers seek an FSI of around 3, while at present they are allowed an FSI of 1.2 to 2.

"With land rates going higher and higher, a higher FSI would be helpful in reducing the cost of the project," added Gupta. And with a growing demand for office space, developers foresee high returns from these projects.