Nesco Sees Office Space Demand From IT Companies Rising In Years Ahead
The company has already completed building its Nesco IT Park in Goregaon, Mumbai, Executive Chairman Sumant Patel says.
Diversified conglomerate Nesco Ltd. expects office space demand from IT companies rising in the years ahead, according to its Executive Chairman Sumant Patel.
“I feel that demand for IT space will continue. We are seeing companies from all over Japan, Europe, America coming to India and wanting space,” Patel said during an interaction with BloombergQuint. Besides having a high level of occupancy for its rental portfolio, the company is also debt-free, he added.
The company has already completed building its Nesco IT Park in Goregaon, Mumbai, Patel said. “We completed the first building of 8 lakh square feet, IT Building 3, and now we have completed our second building, about 17 lakh square feet, IT Building 4.”
In 2019-20, the company expects profit before tax of about Rs 325 crore, Patel said. “It (profitability) will continue for the next year as well, because our IT Building 4 will be fully occupied by then.”
WATCH | Nesco’s Sumant Patel on office space demand from IT sector