Co-working firm Oneculture has taken 1.06 lakh sq ft office space in Noida on lease from realty firm Bhutani Infra to open its fourth centre comprising 1,600 seats, said a press statement. Oneculture has leased 1,06,640 sq ft office space in Bhutani Group commercial project ‘Alphathum’ in Noida, Uttar Pradesh, being constructed at an investment of about Rs 1,200 crore. The co-working firm currently has two centres in Gurugram, Haryana with a total capacity of 1,300 seats and will open the third centre in the city in November having 700 seats. It offers space in the range of Rs 12,000-22,000 per seat per month, a senior company official said.
Bhutani Infra CEO Ashish Bhutani said the demand for office space in Noida and Greater Noida market is improving because of lower rentals compared to Gurugram. In contrast to sluggish housing sector, India’s office market has been performing well, driven by demand from corporates and co-working operators. Introduction of Real Estate Investment Trust (REITs) has also come as a major boost for this segment.