IIFL picks up 100 seats at Avanta’s co-working centre in Connaught Place

Delhi: As the nation is steadily progressing towards a post corona regime, financial institutions are making a beeline to occupy seats in leading coworking spaces across the countries. In a recent development, leading financial companies such as ICICI, IIFL and Kotak Mahindra Group have occupied triple-digit coworking seats at various locations.

To highlight, infrastructure financing major IIFL has also joined the bandwagon to occupy popular coworking spaces. The IIFL has signed a three-year deal with Avanta India. Avanta’s 100 workstations coworking space will be home to IIFL’s customised office space at their centre in Ambadeep tower, KG Marg, Connaught Place, Delhi. The IIFL would cover a total of a massive 4,500 sq ft space.

For the uninitiated, Avanta India holds two flexible office spaces centre in Connaught Place. One in the iconic Statesman Building, and another one at Ambadeep Tower. The IIFL will be occupying over 100 seats at Ambadeep tower from a total of 280 seats as per the previous news of the centre launch, which brings it to approximately 35% of the total space. However, Avanta India opted neither to divulge the details nor to comment on the high-octane deal.

The latest development is just an addition to the series of coworking spaces acquisitions in recent times. In August 2021, ICICI, one of the largest private banks of India, signed a two-year lease deal with 91springboad Technopark office in Andheri East, Mumbai. Out of the total available 1300 seats, the finance major has signed a deal to occupy over 800 seats.

In addition to this, Kotak group has finalised a coworking deal with prominent flexible spaces provider Avanta India at Connaught Place, in the heart of New Delhi. The deal was brokered by leading real estate advisory firms, Cushman and Wakefield.

“The Coronavirus crisis has led several businesses to rethink and improvise their business approaches and go for capital restructuring, aimed at cost-saving. This has led to the popularity of coworking spaces among the financial institutions, which are also a victim of slowdown due to the pandemic. Hitherto, the leading organisations were following a Work From Home (WFH) approach. However, despite declining cases and an ongoing mass vaccination drive, the companies are hesitating from investing in dedicated real estate.

Here, coworking spaces have emerged as a tool of expense reduction and better resource management. In addition to this, the availability of leading coworking players has also allowed major business players to choose customised spaces, equipped with high-speed internet and state-of-the-art amenities. We predict this trend to continue, even after the vaccination drive is over and the country is declared pandemic free.” Said Siddharth Maurya, Research Specialist – Real Estate & Fund Management.