Most office-based businesses had no choice but to make the extensive shift to remote work during the pandemic. This transition, while abrupt, ensured that business continuity was not affected. Today, almost two years since, the workforce is eager to continue working remotely. In 2021, FlexJobs surveyed 4,612 individuals to find that almost 60% of employees desired fully-remote work. Yet, working remotely has its own share of problems.
According to Statista 2022, one out of five employees had trouble focusing on their tasks in a work-from-home model. Another one-fifth said they were “not motivated” towards their work. 25% of the surveyed employees said they were not able to unplug from work at home. Roughly 17% said that there were difficulties in communicating and collaborating with colleagues remotely.
As employment rates inch towards pre-pandemic levels, businesses are leaning towards creating a hybrid workforce. Employees will find it easier to collaborate and focus on their work, as well as enjoy the benefits of remote work once in a while. For this, businesses need to establish a physical presence in tech-friendly smart cities.
So, if you are considering establishing an office in India, we recommend these 5 cities to look at!
1. Delhi-NCR (Delhi, Noida And Gurugram)
Delhi-NCR is primarily a hub for web-based development work and media technologies such as VR/AR. Noida, one of the country’s fastest expanding urban cities, possesses a world-class workspace and technological infrastructure. Several Indian and foreign multinationals, most of which are Fortune 500 corporations, have offices in Gurgaon. Additionally, there is a fast metro service and reliable road transportation to connect the three cities.
According to Statista, in 2021, five million square feet of new office space were constructed in the Delhi National Capital Region. This was a noteworthy increase of 76% compared to three million square feet in 2020 – a trend that will continue this year.
The Delhi-NCR region is home to major software development companies such as Infosys, Cognizant, Accenture, Oracle, SAP, HCL Technologies, etc.
2. Pune
Pune is one of the leading technology centres in India with a rich blend of tradition and modernization. A plethora of automotive, educational and IT businesses are based here. The city also benefits from trade and business, thanks to its proximity to the financial capital of India, Mumbai.
Known as the Oxford of The East, Pune hosts many reputed educational and research institutes. Moreover, businesses have set up campuses for specialized skills that contribute to Pune’s highly trained workforce. This includes international firms such as Cognizant, IBM, Capgemini, BMC, HSBC, etc.
Pune is also a major IT hub in India, employing around 4 lakh IT employees. The city is the preferred choice for software firms as its Special Economic Zone comprises various IT parks and office spaces. Although Bangalore continues to lead the country’s IT exports, Pune recorded the fastest growth of 11% in IT and IT-enabled services (ITES) exports.
3. Bangalore
Bangalore is the irrefutable IT capital of the country. Known as the Silicon Valley of India, this global IT hub houses a large number of national and international companies. The city has consistently been the single largest contributor to India’s IT exports.
With 67,000 registered companies, it hosts more IT businesses than any other city on the list! Also, think of the fact that Bangalore employs roughly 1.5 million employees in the IT and IT-enabled services (ITES) industries. That means, 34% of the 4.4 million Indian IT employees work in the Silicon Valley of India.
The city of Bangalore is also acknowledged as a hotspot for start-ups. It offers prospective businesses and entrepreneurs the resources, infrastructure and opportunities needed to advance their ventures.
4. Hyderabad
Hyderabad, also known as HITEC City or Cyberabad, is India’s second largest IT exporter. It houses the highest number of IT outsourcing companies in India.
Hyderabad has approximately 1500 IT firms, including multinationals such as Apple, Microsoft, Google, Yahoo, Infosys, etc. Along with this, it has some of the most reputed Indian scientific research institutions, such as the Council of Scientific and Industrial Research (CSIR), IIT-Hyderabad and the Defence Research and Development Organisation (DRDO).
Hyderabad currently has a massive 44 million square feet of office space under construction. Compared to the other cities on the list, Hyderabad has the lowest price for office space rentals among metropolitan cities. According to Anarock Property Consultants, a real estate services firm, the average monthly office space rental in Hyderabad was INR 57 per square foot in 2021.
5. Mumbai
Mumbai is the financial capital of India and its wealthiest city, giving it the nickname of The City of Dreams. India’s largest IT company, Tata Consultancy Services (TCS), is headquartered in Mumbai. The city also has several IT parks, which boast firms such as Wipro, HCL Technologies, Tech Mahindra, Oracle Financial Services, etc.
Mumbai is also home to The State Bank of India, Reserve Bank of India, Bombay Stock Exchange and other financial organizations. Hence, FinTech start-ups and entrepreneurs are drawn to Mumbai to achieve the dream of becoming India’s next unicorn. The city’s significant share in IT outsourcing also gives IT or FinTech entrepreneurs a conducive environment for growth.
Mumbai has developed the second-highest number of unicorns in India (16), after Bangalore (39).
Summing It Up
With India’s IT/ITES revenue expected to be USD 227 billion, having a physical presence here can be very profitable. Now that you know which cities to consider and what each one offers, reach out to us at TeemGenie for assistance in getting started and guidance on building your India entity!