The demand for coworking spaces in Mumbai has skyrocketed over the last year and it is projected that the demand will continue to increase in the coming years, not only in Mumbai, but from tier 1 cities to even tier 3 cities in India. In turn, Mumbai's Jagaha.com has entered into the coworking space segment where it aggregates coworking spaces in Mumbai, Thane and Navi Mumbai for users to effectively find the right space as per their needs.
Jagaha.com, founded in 2015 is a commercial real estate property aggregator with over 15,000 commercial properties listed in Mumbai, Thane and Navi Mumbai. The company specializes in outright leasing of office spaces, commercial buildings, shops, showrooms, restaurants and now even coworking spaces. All of the properties listed on Jagaha.com are verified in-person by a member of Jagaha.com's property team, the company states.
According to Ramesh Nair of JLL, the coworking space industry in India is expected to receive $400 million dollars in investment by 2018 and the segment will grow a whopping 40-50 percent in square feet by the end of 2017 to reach a total area of 1 million square feet.
Krishita Kaskebar who is leading the efforts for Jagaha's coworking space in Mumbai segment has noted, "One year ago, Jagaha received almost no inquiries from clients for coworking spaces, but now, a day doesn't go by where we don't have a call or online inquiry from a company that asks us to help shortlist the right coworking spaces in Mumbai."
Within Mumbai, Jagaha.com has found that the most popular searched locations for coworking spaces over the last three months have been BKC, Andheri East and Thane.
Having said that, Jagaha notes that clients still do see the value in having their own private commercial space, but there are plenty of reasons why one would choose a coworking space over a more traditional office space in Mumbai and vice versa.
Khushali Thakkar, who runs operations at Jagaha.com, concluded by saying, "Jagaha finds it important to stay at the forefront of the Mumbai commercial real estate industry and although office spaces for rent will likely continue to draw far more traffic than coworking spaces, we can expect the difference in the number of user inquires between the two options to narrow in 2018."
Currently Jagaha.com has over 100 different coworking spaces registered with them in Mumbai, Navi Mumbai and Thane and expect to have over 150 by the end of 2017. If momentum and demand continues in this part of the commercial real estate segment, Jagaha says they could have over 250 different coworking spaces in the Mumbai metro area by the end of 2018.