Urban Vault, a leading provider of managed flex spaces, has made a strategic entry into Pune by launching a 35,000 sq. ft. facility at Ambrosia Galaxy, Baner High Street. The state-of-the-art workspace offers over 700 desks, with pricing ranging from ₹6,500 to ₹8,000 per seat per month, targeting startups, SMEs, and enterprises seeking flexibility and scalability.

Mr. Amal Mishra, Co-founder and CEO of Urban Vault, stated, “Pune is a rapidly growing market with a strong demand for flexible office solutions. Our entry into this city is driven by the increasing need for high-quality, managed workspaces that cater to diverse business requirements.”

Strategic Expansion and Growth Plans

Following the Baner launch, Urban Vault plans further expansion across Pune, focusing on key commercial hubs such as Balewadi, Hinjewadi, Viman Nagar, Kalyani Nagar, and Kharadi. Additionally, emerging business districts like PCMC are being explored for future developments.

Urban Vault currently operates over 20 lakh sq. ft. of office space with 30,000+ desks, mainly in Bengaluru, where it manages 65 centers. For the fiscal year 2024-25, the company projects a turnover of ₹120 crore, with a profit after tax (PAT) of 18% and a year-over-year growth rate exceeding 70%.

With this latest expansion, Urban Vault aims to solidify its position as a leading provider of managed office spaces, fostering innovation and productivity while promoting sustainable growth.

Also Read: Corporate Biggest User Of Coworking Spaces.

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All four transactions were officially registered in March 2025, marking a strategic expansion for BCCL in one of Mumbai’s most sought-after commercial destinations. Located in the high-end commercial project Kalpataru Infinia, developed by the Kalpataru Group, these spaces collectively offer a built-up area of approximately 43,622 sq. ft. (4,052.4 sq. m) and a carpet area of around 39,642 sq. ft. (3,682.83 sq. m).

Prime Location with Excellent Connectivity

Santacruz East, strategically positioned in Mumbai’s western suburbs, is known for its proximity to major business hubs like Bandra Kurla Complex (BKC) and superb connectivity through the Western Express Highway, Santacruz railway station, and the Mumbai Metro. The area is home to numerous commercial complexes, corporate offices, and premium residential developments, making it an attractive location for business investments.

Transaction Details and Additional Facilities

The acquisition comprises four commercial units, with individual transaction values ranging from ₹63.87 crore to ₹66.75 crore. The total stamp duty paid amounts to ₹15.71 crore, while each transaction incurred a standard registration fee of ₹30,000. The purchase also includes 56 car parking spaces, offering added convenience for future occupants.

Expanding Presence in Key Markets

Founded in 1838, BCCL is India’s largest media conglomerate, known for iconic publications like The Times of India, the world’s most widely circulated English daily, and The Economic Times, India’s leading business daily. The group also owns prominent regional dailies such as Navbharat Times and Maharashtra Times, alongside popular magazines Filmfare and Femina.

BCCL has significantly diversified its media portfolio beyond print, with its broadcast division Times Network hosting leading TV channels like Times Now and the nationwide FM radio network Radio Mirchi. The company’s digital presence, driven by Times Internet, further consolidates its influence across news, entertainment, and technology platforms.

Strategic Move for Business Expansion

The acquisition of commercial spaces in Santacruz East underscores BCCL’s commitment to strengthening its operational presence in Mumbai’s thriving business ecosystem. As the financial capital continues to evolve, this strategic move positions BCCL to accommodate future growth and reinforce its leadership in India’s media and business landscape.

The transactions reviewed by Square Yards reflect a calculated investment strategy, reinforcing BCCL’s focus on leveraging prime commercial locations to expand its influence and operational capacity.

Also Read: Women Homebuyers on the Rise: 1.29 Lakh Residential Transactions Recorded in 2024, Growing 14% Annually

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The move comes amid the rapid expansion of India’s co-working sector, which is currently valued at $1.94 billion and is expected to grow at a CAGR of 7.4%, reaching $3 billion by 2030. Increasing demand from SMEs, startups, and larger corporations is driving this growth, with Mumbai emerging as a key hub alongside NCR and Bangalore.

Nirav Jagad, Chief People Officer of SUGAR Cosmetics, stated that the decision to lease the space for five years aligns with the company’s strategic expansion. The 9,000 sq. ft. usable workspace will be tailored to their specifications, particularly in terms of technology infrastructure. Jagad highlighted the location’s accessibility for employees and visitors as a key factor in the selection process.

Enzyme Office Spaces, which specializes in managed office solutions, confirmed the agreement. Founder & CEO Ashish Agarwal stated that the partnership underscores the company’s growing presence in the co-working and managed office market. He emphasized Enzyme’s commitment to providing a high-quality experience for its corporate clientele.

The deal highlights the increasing preference for flexible, cost-effective office solutions in Mumbai’s evolving commercial real estate landscape.

Also Read: Flat Sold For Rs 1.25 lakh per square feet in Carmicahel Road

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Strategic Location and Seamless Execution

Following a comprehensive market analysis, One International Center was identified as the ideal location, offering a Grade A commercial space in a well-connected micro-market. The Office Services team at Colliers leveraged its expertise in real estate negotiations to secure the space at highly favorable terms, aligning with Protean’s business objectives.

Colliers’ approach extends beyond just transactions, ensuring that workplace design is strategically planned from the outset. By integrating cost-effective solutions with long-term business value, the firm is set to optimize the new office space for enhanced functionality and innovation. Recognizing Colliers’ strong track record in workplace strategy, Protean eGov Technologies has also engaged Colliers’ design services team to lead the project.

Leadership Insights

Dipali Sheth, Chief Human Resources Officer at Protean eGov Technologies Ltd., emphasized the importance of a collaborative and inspiring workspace:

“A workplace isn’t just about desks and walls—it’s about people coming together to solve big challenges, share ideas, and create meaningful change. At Protean eGov Technologies, we believe in building spaces that empower our teams to think boldly, collaborate deeply, and drive digital transformation. Partnering with Colliers India for this new office is an important step in shaping an environment where innovation thrives, and our people can do their best work. We look forward to creating a space that reflects our mission, fuels our impact, and supports the future of digital governance in India.”

Arpit Mehrotra, Managing Director, Office Services, Colliers India, highlighted Colliers’ commitment to delivering tailored real estate solutions:

“We have always been focused on being a holistic real estate partner to our clients, carefully understanding every facet of their business needs. We pride ourselves on being a one-stop establishment that addresses real estate needs, however diversified, complex, or niche. A lot of our success is attributed to the internal partnerships we nurture. Our experts have the strategic ability to identify client needs and align them with the right business vertical. This transaction is a prime example of the seamless collaboration we foster at Colliers. I am proud of the value we have created for Protean eGov Technologies Ltd. and look forward to strengthening this partnership in the future.”

Future-Ready Workplace

This transaction underscores Colliers India’s ability to craft strategic, high-value real estate solutions tailored to client needs. With a focus on delivering functional and future-ready workplaces, Colliers is set to help Protean eGov Technologies create an inspiring workspace that enhances productivity, collaboration, and long-term growth.

Source: Colliers India

Also Read: Office absorption to touch a new high in 2022

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The land, measuring approximately 6,586.90 square meters (~7,877.87 square yards), was purchased from River Rose Developers LLP. As per the IGR documents, the transaction included a stamp duty payment of ₹9.60 crore and a registration fee of ₹30,000.

Located on Saki Vihar Road, Andheri East, the acquired land sits within one of Mumbai’s key commercial and residential hubs. The area offers excellent connectivity via the Western Express Highway, Metro Line 1, and proximity to both domestic and international airports. It is home to prominent business districts like SEEPZ and MIDC, alongside a well-developed social infrastructure that includes reputed schools, hospitals, and major retail destinations such as Phoenix Marketcity and Infinity Mall.

Panasonic Life Solutions India Pvt. Ltd., a wholly owned subsidiary of Panasonic Corporation, has been a key player in India’s electrical construction materials industry. Formerly known as Anchor Electricals, the company has been a leader in modular and non-modular switches since 1963. Its product portfolio includes wiring devices, fans, lighting, solar equipment, switchgear, cables, and power tools. Since its acquisition by Panasonic in 2007, the company has continued to expand its footprint in India, with significant investments such as its advanced manufacturing facility in Daman.

Commenting on the real estate landscape, Anand Moorthy, Co-founder and CBO, Capital Market & Services, Square Yards, said, “Mumbai continues to reinforce its position as a commercial powerhouse, driven by sustained strategic investments from leading major firms. The recent surge in land acquisitions and office leasing activity in key business areas such as Andheri, Lower Parel, Bandra-Kurla Complex amongst others along with growing interest in data centre developments across the metropolitan region, underscores the city’s enduring appeal for both global and domestic enterprises. Furthermore, the ongoing infrastructure upgrades and enhanced connectivity in Mumbai is fostering a dynamic and thriving business environment. This momentum is also spilling over into the residential market, driving demand across the city and its metropolitan region.”

Also Read: Akshay Kumar Sells Mumbai Apartment for Rs. 4.25 Crore in 2025, Bought at Rs. 2.38 Crore in 2017 – A 78% Appreciation

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Onward Workspaces, a leading provider of managed and coworking office spaces, has secured a lease for approximately 18,000 square feet at Emaar Capital, located on M.G. Road in Gurgaon. This expansion is part of Onward Workspaces’ strategy to meet the growing demand for flexible, Grade-A office spaces tailored to the needs of contemporary enterprises.

The new facility is designed to foster innovation, enhance productivity, and support seamless collaboration. It has already attracted strong interest, with a UK-based multinational corporation—one of the world’s largest shipping service providers—having pre-booked 45% of the available space.

Suvrat Jain, Founder & CEO of Onward Workspaces, commented on the expansion: “In today’s economic climate, flexibility in real estate has become a key priority for businesses. Companies are increasingly turning to flexible office spaces to optimize costs while maintaining operational agility. This new facility in Gurgaon reflects our commitment to providing premium, fully-managed office environments that adapt to the ever-changing needs of modern businesses.”

Located in the heart of Gurgaon, Onward Workspaces’ new facility offers a range of premium amenities, including custom-designed office suites, fully-equipped meeting rooms with ergonomic furniture, and 24/7 access to a high-quality, flexible workspace. This is an ideal solution for enterprises seeking a productive and collaborative environment.

As part of its ongoing expansion, Onward Workspaces also recently announced plans to add 150,000 square feet of office space across Delhi NCR by the end of 2024, supported by an ₹18 crore investment. With businesses becoming more cautious about capital expenditure, the demand for flexible office solutions continues to grow, and Onward Workspaces is well-positioned to meet this demand.

Also Read: 29% of Homes Sold in Greater Mumbai Priced Above ₹2 Crore

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A Major Employment Generator

As the second-largest employment generator in India, the commercial real estate sector contributes significantly to the country’s economic development. According to industry reports, the sector is growing at a compound annual growth rate (CAGR) of 18.7%, creating jobs at various stages—starting from construction workers and architects during the building phase, to the thousands of employees working in office complexes, retail centers, and logistics hubs.

Real Estate’s Growing Contribution to GDP

A joint report by Knight Frank and the National Real Estate Development Council forecasts that India’s real estate sector could expand to US$ 5.8 trillion by 2047, contributing 15.5% to the country’s Gross Domestic Product (GDP), compared to its current share of 7.3%. This expansion is expected to be supported by increasing industrial activity, rising income levels, and urbanization. Commercial real estate will be a key part of this growth, offering essential business infrastructure and employment opportunities in both established and emerging markets.

Ajendra Singh, Vice President of Spectrum@Metro, highlighted the sector’s pivotal role in India’s economic transformation. “As businesses expand and new sectors emerge, the demand for modern commercial spaces is greater than ever. The construction phase alone absorbs a large number of skilled and unskilled workers, driving business growth and employment at every level,” Singh said.

Fostering Regional Economic Development

Harsh Gupta, CEO of Sundream Group, emphasized that commercial real estate plays a vital role in enhancing local infrastructure, improving the quality of life in communities, and boosting regional economies. “With the demand for modern office spaces on the rise, strategic investments in commercial real estate attract both global and domestic businesses. This, in turn, drives economic development at local, regional, and national levels,” Gupta noted.

Growing Demand for Office Spaces and Sustainable Developments

According to Crisil reports, the demand for commercial office space in India is expected to grow by 8-10% in the upcoming fiscal years, driven by the expanding presence of global capability centres (GCCs) in India, along with strong domestic demand. The shift towards sustainable and green buildings is also fueling growth, particularly in the office and retail segments, where eco-friendly practices are becoming a key consideration for businesses and tenants alike.

Sanchit Bhutani, Managing Director of Group 108, commented on the growing demand for office and retail spaces. “By creating jobs, attracting businesses, and supporting ancillary services, commercial real estate contributes to a thriving economic ecosystem. Areas like Noida and Greater Noida, with their strong infrastructure and proximity to global markets, are perfect examples of this trend,” Bhutani said. He added that the Noida-Greater Noida Expressway has boosted demand for Grade A office spaces in the region, further supporting local economic growth.

Commercial Real Estate as an Economic Revitalizer

Sunil Kumar Jindal, CEO and Director of ManSan Group, emphasized how commercial real estate is revitalizing local economies. “Well-designed commercial spaces with modern infrastructure and strategic locations become activity hubs, supporting both tenants and the broader economic network. Strategic investment in these spaces creates vibrant, connected communities, where every sector strengthens in response to real estate growth,” Jindal explained.

Conclusion

In conclusion, commercial real estate is not just a vital sector for business development, but also a key engine of economic growth and job creation in India. With advancements in infrastructure, strategic locations, and modern facilities, the sector is playing a pivotal role in driving business expansion and attracting both global and domestic enterprises, fueling the nation’s broader economic progress.

Also Read:Capital Appreciation and Rising Rental Yields Boost Investor Confidence in Indian Real Estate

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The new facility will accommodate over 2,000 desks, with rental rates starting at approximately ₹9,000 per seat per month. Urban Vault, a self-funded company renowned for its managed workspace solutions, aims to address the growing demand for flexible office environments. The company’s portfolio currently includes over 2 million square feet of office space and more than 30,000 desks, reflecting its significant footprint in Bengaluru.

Urban Vault’s expansion into Whitefield is a response to the increasing preference among large and medium-sized corporates for hassle-free, managed office spaces. “Post-COVID, the demand for prime office space has revived significantly,” said Amal Mishra, Co-founder and CEO of Urban Vault. “Large and medium-sized corporates are increasingly opting for managed spaces to streamline their operations.”

Bengaluru continues to be a favored location for both global and domestic companies due to its availability of English-speaking tech professionals and a robust supply of affordable, high-quality office spaces. Mishra noted that multinational corporations are establishing Global Capability Centres (GCCs) in Bengaluru and other major cities, further driving the demand for Grade A office space.

In addition to strengthening its presence in Bengaluru, Urban Vault is gearing up for expansion into Pune, Delhi-NCR, and Mumbai by the end of the fiscal year. The company is actively seeking office spaces in these cities to enhance its portfolio and drive growth. “We are in preliminary discussions with commercial real estate developers and individual landlords in these key markets,” Mishra added.

For the fiscal year 2023-24, Urban Vault reported a turnover exceeding ₹100 crore, with an 18% profit after tax (PAT) and consistent year-over-year growth. The company’s operational centres currently maintain an occupancy rate of 91%, underscoring its successful business model and market demand.

Also Read: The Rise of Real Estate in Thane & Kalyan: Quality, Sustainability, and Affordability

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