EFC (I) leases 1.40 lakh sq ft of office spaces in Pune and Noida

November 24, 2023

NEW DELHI: EFC (I), a listed co-working-cum-managed office space operator, has leased about one lakh sq ft of office spaces in Pune and 40,000 sq ft space in Noida, adding to their existing assets under management (AUM) of more than 1.25 million sq. ft.

“The centers in Pune are situated in Kharadi and Baner while the Noida center is located in sector 67. Average rent in both Pune and Noida centers will be about Rs 7,000 per seat per month,” said Umesh Kumar Sahay, managing director of the company.

The company hopes to achieve total revenue of about Rs. 400 crore for FY24 and about Rs 1,000 crore for FY25. It reported consolidated revenue of Rs. 155 crore for H1 of FY24, which was about 1.5 times of full year of revenue for FY23.

According to Sahay, “Over the last two quarters of FY24, flexible office space market is growing at CAGR of about 18-22% and the slowdown in Indian commercial real estate will not have any significant impact on the flex office demand as it offers optimum flexibility to the corporate for adjusting to market conditions. Further, flex office demand in India is majorly driven by the domestic players and hence global slowdown will not have material impact on the sector.”

The company currently manages about 32,000 seats and expects to reach one lakh seats by end of the financial year 2024-2025.

EFC (I) operates two verticals, namely rental business (managed office) and interior fit out contracting business under an asset light model.

In a regulatory filing, the company informed that it will be raising of funds by way of issue of equity shares, through private placement/preferential issue or such other methods in one or more tranches as may be decided by the board.

  • Published On Nov 24, 2023 at 05:54 PM IST

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