Bengaluru witnessed growing interest in alternative real estate investments like senior living and co-working spaces, as investors seek avenues for wealth creation beyond traditional residential investments
BHIVE Workspace expects to touch Rs 210-200 crore revenue and EBITDA of about Rs 25 crore in FY24. In the next five years, it wants to reach Rs 500 crore revenue.
The transaction comprises a composite structure involving both cash and equity. As part of this acquihire, BHIVE will absorb a 10-member team along with co-founders Rohit Parab and Gaurav Gandhi, who will support growth and business management at BHIVE Group,” the company said, without disclosing the deal value.
The relaxation of Special Economic Zone (SEZ) regulations, coupled with growing demand for flexible office solutions, is poised to enhance the availability of grade-A office spaces. This development has the potential to alleviate the prolonged scarcity in a high-demand market segment. Additionally, partial de-notification is anticipated to release space formerly designated for domestic business purposes.
The demand for office space in India remained strong in the first three quarters of 2023, with 38 million sq ft of space taken up in the top six cities, nearly matching the absorption during the same period in 2022. Bengaluru and Delhi-NCR were the leading cities, accounting for half of India s total office space demand.