Companies are staring at wait times of several months to a few years before new office space opens up for leasing, multiple real estate executives, consultants, and business owners said. They also said monthly office rentals have more than doubled from ₹40-50 per square foot two years ago to around ₹90-120 per sq. ft.
In the interim, authorities of the Gujarat International Finance Tec-City (Gift City) are asking companies to rent seats in co-working spaces to start business even as they continue to scout for dedicated office space.
The International Financial Services Centres Authority (IFSCA) did not respond to an email seeking comment.
"Three years ago, there was little demand. But since then, a lot of companies have started coming," said Dhruv Patel, president of the Ahmedabad chapter of the Confederation of Real Estate Developers Associations of India.
"When the bullion exchange, currency exchange, and Gift Nifty started here, a lot of traders, funds and bankers came along. Today, the demand is far greater than the supply," he added.
Demand is expected to rise further after the government recently allowed the sale of liquor in Gift City, which is situated in the dry state of Gujarat. A ban on alcohol sales was a deterrent for many professionals considering a transfer to Gift City, and that could now change.
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