Budget 2022-23 reaction from Mr. Manas Mehrotra, Founder, 315Work Avenue, a leading coworking firm

New Delhi, February 02, 2022: The budget could have had some specific measures for the coworking sector to enable its higher growth trajectory : Mr. Manas Mehrotra, Founder, 315Work Avenue, a leading coworking firm.

The Union budget 2O22 seems expansionary in nature that promises economic growth and entails strengthening of infrastructure. It has predominantly focussed on revitalizing the rural economy which is a good move and this will act as a boost to the economy and increase demand in tier-2 and tier-3 cities as well. Extending tax incentive scheme by one more year to start-ups is a welcome move, and it is likely to further encourage innovations and growth that the startup ecosystem is delivering. As most of our clientele fall under this scheme, they can plan their cash flow well with this tax exemption benefit.  However, the budget did not have any specific measures for the coworking sector to enable its higher growth be it lower TDS, special tax incentive, etc to enable us to provide the real estate solutions at even economical rates. The post lockdown scenario is bringing in a wave of new opportunities for the coworking players as companies seek out alternative options to reduce costs and capital expenditure. Amidst this new normal, the flexible co-working industry has become more relevant than ever for companies to suit their organizational requirements. As per a recent report, the market size of coworking spaces is expected to double over the next five years at a compound annual growth rate (CAGR) of 15 per cent. Overall the coworking sector, which is now the new mantra for companies, was further expecting improvement in the ease of doing business. Going forward, we hope that the government looks at addressing regulatory concerns and encourage more coworking firms to open up through a series of both financial and non-financial incentives.

Corporate Comm India (CCI Newswire)