A typical day at the first floor conference room of Paharpur Business Centre begins with dozens of sales executives getting into a huddle. When they leave after several hours of training in marketing, another set of young men and women walk in.
Wired up with laptops, they work through the night to give back-end support to a head-hunting company in the US.
A training floor by the day that turns into a BPO at night.
Such out-of-the-box ideas are fast catching up in the Capital where rentals have skyrocketed because of a severe shortage of office space. Although using the same floor for multiple shifts by different companies is not uncommon in Mumbai, the practice is new to Delhi.
The concept of multiple shift is ideal for start-ups who do not have the financial resources to rent a larger space, said Anshuman Magazine, South Asia head of real estate consulting firm CB Richard Ellis. “As space gets more and more expensive, renting space in shifts does work out to be a lot cheaper,” Magazine said.
The shortage of office space in Delhi is estimated to be as high as 60 to 70 per cent. The problem has been aggravated by a Supreme Court order that forced city authorities to seal thousands of “illegal” commercial buildings over the past two years.
Both have worked to push up rentals to exorbitant levels and driven many companies, including scores of MNCs, to satellite towns like Noida and Gurgaon.
At the six-floor Paharpur Business Center (PBC), the conference room fetches Rs 3.5 lakh per month from Talengenie, the US-based firm. For exclusive occupancy of the same space in Nehru Place, Talengenie would have had to pay Rs 12 lakh.
PBC chief Kamal Meattle said he is so encouraged that he wants to replicate the model at a new property in Faridabad.