Awfis is thrilled to announce its significant expansion plan in South India with the addition of 11 new centres. As part of their strategic growth plan, they have secured prime properties across Bengaluru, Hyderabad, Chennai, and Kochi. This expansion adds to Awfis' commitment of serving the evolving needs of workspaces in the southern region.
Every property has been selected keeping in mind the distinct market dynamics of each city. With its thriving IT and startup ecosystem, Hyderabad expansion has new centres in DSL Uppal, Madhapur, Banjara Hills and Financial District. Awfis also increased their footprint across Whitefield and ORR in Bangalore and in OMR and Perungudi, Chennai. With its impressive growth trajectory and the success of its pilot centre, Awfis added more centres in Kochi at MG Road and KRL Road. Overall, across the south region, Awfis has added over 8000 seats.
The centres feature state-of-the-art infrastructure, modern amenities, and a vibrant set up in line with Awfis’ offerings, providing a conducive environment for businesses to thrive. These properties cater to the diverse needs of professionals, entrepreneurs, and enterprises across various industries.
Commenting on the development, Amit Ramani, CEO and Founder, Awfis, said, "Historically rich and culturally diverse, Southern India has always been close to our hearts at Awfis. The region presents numerous opportunities through its expanding real estate landscape. This expansion aligns with our strategic approach to target emerging business hubs, offering an enhanced workspace experience through our diverse range of products and services. Our adaptable workspace solutions are designed to stimulate a vibrant community and a collaborative setting that nurtures growth, enabling businesses to focus on their core operations. We are excited to contribute to South India’s ongoing success story and be a part of its bright future."
Sumit Lakhani, Deputy CEO, Awfis said, "The flex space industry is thriving and positioned for robust ongoing growth. South India is now a sought-after destination for enterprises as it offers business opportunities and a diverse range of untapped talent pools. Leveraging our expertise, we have helped businesses across India achieve faster scalability and efficient office setup solutions. With this expansion in South India, we are delighted to extend the same benefits of convenience, flexibility, and agile business solutions to the people of the city."
Among the notable clients already associated with Awfis in South Indian cities are renowned organizations such as Genpact, Fujitsu General, Sony Pictures, BBC, ISG, and Zerofox, among others. These esteemed clients exemplify Awfis' commitment to providing a premium and professional workspace experience.
This expansion adds to Awfis' existing network and presence in South India, further solidifying its position as the leading flexible workspace provider in the region. With a total of 150 centres in India across all metros, tier 2 and emerging cities, Awfis aims to continue delivering innovative workspace solutions and fostering a collaborative environment for its clients.
High inflation has impacted disposable incomes of over 66% respondents in the H1 2023 survey, against 61% in the H1 2022 survey, indicating increased financial strain on individuals and households. Persistent inflationary trends globally and in India since the onset of the pandemic and Russia-Ukraine war has directly impacted disposable incomes. The impact is yet to reflect in housing sales across cities; however, any further increases will crimp residential sales growth.
Likewise, any further home loan rate hikes - particularly if interest rates breach the 9.5%-mark - will have a ‘high impact’ on residential sales, according to 98% survey respondents.
As for demand for affordable housing, the survey indicates that it has shrunk further to just 25% in the current edition. Demand for sub-INR 40 lakh homes has seen declining inexorably - from 40% in H2 2020 to 28% in H1 2022, and further down to 25% in H1 2023. Inflation and the economic slowdown have hit this target audience hardest, leading to a cautious ‘wait-and-watch’ approach.
