India’s co-working space market is no longer a niche experiment. It is becoming a central pillar of how businesses choose to work, scale, and manage costs. With flexible leases, shared infrastructure, and prime locations, co-working has moved from being a start-up convenience to a mainstream real estate strategy. Now, one of India’s most established real estate brands, House of Hiranandani, has stepped into this fast-growing segment with the launch of its first co-working centre at Hiranandani Garden, Powai.
The timing reflects broader market momentum. India’s co-working space market was valued at USD 761.9 million in 2023 and is projected to reach USD 2,842.2 million by 2030, growing at a compound annual growth rate of 20.6% between 2024 and 2030, according to the Next Move Strategy Consulting report. The growth is being driven by startups, small and mid-sized companies, and even large enterprises looking to avoid long-term lease commitments while retaining access to high-quality workspaces.
Co-working spaces offer flexible leasing terms and scalable space requirements, making them attractive for businesses navigating uncertain growth cycles. Beyond cost savings, the appeal lies in shared amenities, strategic locations, and the collaborative environment that encourages networking and cross-industry interaction. For many companies, especially younger ones, this combination has become more valuable than owning or leasing a conventional office.
It is into this evolving landscape that House of Hiranandani has launched its pilot co-working project. The centre is located in Hiranandani Garden, Powai, a mature mixed-use development known for its commercial and residential appeal. Rather than leasing out vacant space in the traditional way, the company chose to experiment with a flexible workspace model.
Sharing the journey on LinkedIn, Ankit Mathur, Senior General Manager at House of Hiranandani, described how the idea took shape internally. “Few months ago my MD called me to discuss the start of a new business line in flex offices. We had some empty space available in the prime locality and we wanted to do little differently with that space rather than giving it on lease as our standard business,” he said.
What followed was a full-scale operational exercise. From planning layouts and finalising budgets to appointing service partners, managing legal compliances, and building procurement lists, the pilot required capabilities beyond conventional real estate development. “Then came the real stuff, layouts, budgets, service partners, legal work, compliances, procurement lists that grew longer every day, and late-night debates about which theme to choose,” Mathur wrote.
A key milestone came even before the centre was fully ready. Discussions with the first client began at the layout stage itself, testing both the concept and the company’s credibility as a first-time co-working operator. “It was not easy for us to pitch this idea as we were doing this as a first timers. But they saw what we saw: the energy, the idea, the future and trust in us,” Mathur said.
The centre is now operational, and the first client has commenced operations, marking House of Hiranandani’s formal entry into the co-working space sector.
The move aligns with structural trends shaping the Indian office market. India today ranks second globally in managed workspaces, accounting for nearly 10% of the world’s co-working inventory, just behind the United States. Government initiatives aimed at supporting entrepreneurship and economic growth have helped create a favourable environment for flexible offices, particularly in urban business hubs.
Demand is also being fuelled by India’s expanding startup ecosystem. The country has over 112,000 DPIIT-recognised startups spread across 763 districts, making it the third-largest startup ecosystem globally. India is home to 111 unicorns with a combined valuation of over USD 349 billion. As startups scale rapidly and adapt to hybrid work models, the need for flexible, plug-and-play office solutions has grown sharply.
However, the sector is not without challenges. Cybersecurity concerns remain a key hurdle, especially for companies handling sensitive data. Shared networks and open environments increase risks related to data breaches, device security, and physical access. Addressing these concerns will be critical as co-working spaces attract more enterprise clients.
Looking ahead, technology is expected to play a bigger role in shaping the future of flexible workspaces. The integration of augmented reality and virtual reality into virtual offices could redefine remote collaboration, training, and meetings. Such innovations may further enhance the appeal of co-working spaces that combine physical infrastructure with advanced digital capabilities.
The Indian co-working market is already crowded, with established players such as Awfis, WeWork, IndiQube, Smartworks, 91Springboard, CoWrks, BHIVE, and others competing aggressively. Hiranandani’s entry, backed by a strong real estate legacy and premium assets, adds a new dimension to the competitive landscape.
For now, the Powai centre serves as a pilot, but it signals a clear intent. As traditional developers reassess how office spaces are built, leased, and experienced, co-working is increasingly becoming less of an alternative and more of a core strategy. Hiranandani’s move suggests that flexible offices are no longer just for startups. They are becoming part of the mainstream future of work.
