Thailand-based real estate firm MQDC is entering the Indian property market by taking on lease 22,000 sq ft from realty major DLF to start its first co-working centre in the national capital, a senior company official said on Friday.
Magnolia Quality Development Corporation (MQDC) develops, invests in, and manages residential, mixed-use, commercial, and hotel projects. It develops projects under brands like Magnolias, Whizdom, The Aspen Tree, and Mulberry Grove,
"We are entering into Indian real estate market with our first co-working centre named 'Whizdom Club' at Greater Kailash-II in South Delhi. We have taken 22,000 sq ft area from DLF to open this facility comprising over 400 seats," MQDC Director Chulamas Jitpatima (Amy) told PTI.
She said the company has invested Rs 12 crore to set up this co-working centre.
"We are targeting students, start-ups and small and medium enterprises as well as corporates," Amy said, while expressing confidence to reach 100 per cent occupancy levels within next six months.
The company is yet to finalise price per seat but will offer discounts to students and start-ups, she added.
"With the launch of 'Whizdom Club', we aspire to create a space that not only hosts creativity and ideas but also nurtures and supports all members for a better tomorrow. The aim of this innovative space will be to provide a co-working hub that will help corporations, rising entrepreneurs, aspiring students, and SMEs (small and medium enterprises) to meet their business and networking goals in an inspiring environment," Amy said.
MQDC Vice-President (Whizdom Society) Krissayuth Chavavitayatham said, "Delhi is our first location as the city offers demographic diversity, besides being the fastest-growing metropolitan city with a robust ecosystem and a thriving business culture."
The co-working segment has grown rapidly in India during the past three-four years because of rising demand of flexible workspace from start-ups, professionals and corporates. Already, the total stock of such space has reached 23 million sq ft across seven major cities in India.
WeWork, Regus, CoWrks, Awfis, Smartworks, OYO Workspace, GoodWorks, GoWork, Skootr, IndiQube, Avanta, 91 Springboard, Creator's Gurukul, GoHive, OneCulture, Plus Offices and Spring House Coworking are major players in this segment.
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