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India has one of the fastest growing IT sectors in the world, with a 15.5% YoY growth in FY22. One of the major drivers of this growth have been IT specific SEZ’s and STPI hubs across various cities. In North India, the major IT hubs have been the NCR (Gurgaon and Noida), as well as the Chandigarh Tricity (Mohali and Panchkula) and other cities such as Jaipur and Lucknow. Tier 2 markets have emerged as an attractive alternative to major markets such as the NCR, due to lower costs of the talent pool, office leases, power and transportation costs. Mohali and Panchkula are among the top 10 cities in India after six Tier-I locations in the IT sector, with a large and established educational base to provide the human capital needed by the IT sector.

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Choosing the right location and office space for a business is a monumental decision for any company. Here we evaluate Mohali and Panchkula in Chandigarh Tricity, and why these two  markets are considered among the best IT office locations in North India:

• Mohali 

Mohali lies in Punjab to the south of Chandigarh and is an established IT hub with a large presence of IT majors  such as Infosys, Teleperformance, TaskUs, Pearce Services, Congruex among others. It has a large number of educational hubs such as Panjab University, Chitkara University, ISB, Plaksha University etc which provide a massive talent pool for the IT industry, from the three states of Punjab, Haryana and Himachal Pradesh. As far as connectivity goes, the Chandigarh International Airport is accessed from Mohali itself, while a dedicated railway station and highways connect it well to Delhi, Shimla and other cities. There is around 2.5 million sft of IT SEZ space in the city, with over 4 million sft of non-SEZ IT office space, among the highest levels of supply for Tier 2 cities in the country.

• Panchkula 

Panchkula in Haryana lies to the east of Chandigarh, and is a planned city similar to Chandigarh and Mohali. It has excellent international connectivity via the Chandiagrh International Airport located around 30 minutes away in Mohali, as well as highways connecting it to Delhi, Shimla etc. While there are no universities within Panchkula itself, it’s proximity to Chandigarh and Mohali ensure that is no disadvantage in terms of a talent pool for the IT industry.  The major IT hub for this city is the Sector 22 IT park, promoted by HSIIDC, the Haryana Govt development agency. Some of the top companies and start-ups in the IT park of Panchkula are Bursys, Amazon, Piegon Media Pvt Ltd, Wave Infotech, Pixel Softwares, etc. While Panchkula does not offer any SEZ space, there is around 2 million sft of existing and upcoming non-SEZ IT space in the city.

While both cities have their own pros and cons, the IT industry as a whole has preferred Mohali largely, due to integrated development of the office, retail and residential development of the city, and better air, road and rail connectivity. The major hubs for the industry are Sectors 74-75, Sector 82 and Sector 66 Mohali.

The Chandigarh Tricity as a whole offers an excellent option for a hub and spoke model for IT companies, with the hub being the NCR. Reach out to us at Excelsior India for professional guidance for your office space requirements in the market!

The lease agreement is the most important legal document when renting or leasing a property, whether commercial or residential. It includes specifying terms such as rental tenure, monthly rental, the responsibilities of each party, the duration of the lease, and notice requirements in case either party want to terminate the contract. It also sets the obligations and conditions for use of the property between landlord and tenant..

A lease agreement typically also specifies certain limitations on the tenant’s use such as prohibiting specific activity on the property or requiring that tenant provide written notice before building anything on-premises. All details are usually explicitly spelled out in advance to avoid any confusion or disagreements later on in the engagement tenure.

Below are the essential / critical inclusions in a lease agreement:

Rental Details:  Stating the rental fee in the agreement will avoid any confusion for the lessee to decide whether the property is within the price range of their budget. Moreover, it also included the specified time for due dates on rentals as this will help in avoiding any delays in payment.

Lease Tenure & Lockin Period: The duration of the lease term determines how long a lessee will occupy space, While the Lockin Period is the duration for which neither Party is entitled to exit the lease. Commercial office leases are typically for nine years, with Lockin Period varying from 1-3 years.

Security Deposit: Security Deposit is an interest free refundable deposit that is paid by the lessee once the lease starts, in case of later default on rentals or major repair at the time of vacating premises. The terms of refund of the security deposit must be clearly specified in the Lease Agreement.

Maintenance & Repairs: :  Typically, the tenant is responsible for minor repairs within the property, with major reparis being in the developer/property owner’s scope. Common Area Maintenance (CAM) lies within the property owner’s scope, but is chargeable on a monthly basis from the tenant / lessee. A well drafted Lease Agreement should clearly demarcate scope of responsibility for either side.

Force Majeure & Dispute Resolution: This is an often overlooked but critical aspect of a Lease Agreement. A good agreement must specify the course of action available to either Party in case of Acts of God or general unavailability of the premises due to conditions beyond the control of either Party. Similarly, it should clearly spell out whether disputes are to be resolved via the competent courts or arbitration, the jurisdiction of the same and other related terms.

There are four important reasons why signing a lease agreement is the right thing to do:

• It formalizes your agreement with the property owner.
• It guarantees your occupancy rights responsibilities.
• It clarifies for both sides the crux of the lease agreement- security deposits, monthyl rent, escalation, conditions for breach of contract, etc.
• If anything changes during the term of your lease- say for example your business needs more space or less space- then both parties know what needs to happen in order to change the terms of the contract.

Executing the Lease in Chandigarh

With the formalisation and professionalisation of the office leasing market, verbal contracts and unregistered leases are fast becoming a thing of the past. If you are renting office space in Chandigarh it is essential that the lease should be registered with the Registrar Office in Sector 17, for the safety of the property owner as well as the tenants rights of usage.

The COVID-19 pandemic necessitated a rapid shift to remote work, with organizations setting up their employees with the necessary tools and resources to work from home. For many, this meant setting up a dedicated home office space.

With the emergence of the hybrid office model with teams split between home and office, the very concept of what an office should be has undergone a change. Flexible office spaces are becoming increasingly popular as they offer a more flexible and adaptable solution to the changing landscape of work.

Flexible office space is a type of workspace designed to provide employees with a variety of different places and ways to work. Unlike traditional offices with fixed and assigned desk positions, employees in a flexible office space can choose the part of the office that best suits the type of work they need to do.

Flexible workplaces can be swiftly scaled up or down to accommodate teams of various sizes or readily reconfigured to accommodate shifting organizational objectives.

Flexible Working Space Elements:

Flexible workplaces contain the fundamental components of conventional offices, but encompass the following elements as well:

• Open-Plan Design ideas: Open-plan designs are becoming increasingly popular in the modern workplace. This type of design encourages collaboration and creativity, as well as a sense of community. It can also be more cost-effective than traditional office layouts. Some open-plan design ideas include using glass walls to create light-filled spaces, incorporating natural materials, and creating conversation areas.

• Breakout Spaces: Breakout spaces are becoming increasingly popular in workplaces. They provide a place for employees to take a break from their workstations, have some informal meetings, or just relax. Breakout spaces usually include comfortable furniture, like sofas and chairs, and sometimes have features like TVs or game consoles. Having a breakout space can help improve employee morale and productivity.

• Quiet-Zones: Opportunities for privacy and concentrated thought are presented by quiet areas. To counteract the bustling hum of open spaces, quiet areas are a must. Just make sure different individuals or groups aren’t always locking them down.

• Shared Resources: Flexible working spaces typically have a variety of shared resources that allow employees to be more efficient and productive. These can include conference rooms, break rooms, and kitchens. By sharing these resources, businesses can save money and provide their employees with more amenities.

Workspace Design Considerations in a World of Increased Mobility

Nowadays, it’s more important than ever to have a workspace that can accommodate your needs, whether you’re working from home or on the go. Here are some things to consider when designing a flexible workspace

• Provide ample work surfaces and areas so people can choose where they want to work.
• Design spaces with different levels of privacy, according to how much interaction is desired between employees at any given time.
• Consider environmental factors like natural light and noise control as well as ergonomic issues like chair height and layout.
• Include multimedia outlets in order to cater to today’s tech-savvy workers.

Flexible office spaces are becoming the new normal as more and more businesses realize the benefits of this type of arrangement. Flexible office spaces offer a number of advantages over traditional office spaces, including increased productivity, creativity, and collaboration. If your business is looking for new office space, consider a flexible option that will allow your employees to thrive. Connect with us at Excelsior India for office space solutions in Gurugram or Chandigarh.