Novel Office India Revenue and Competitors

Novel Office was incorporated in 2008 at Bangalore. It is a part of the Novel Group that was established in 1993 in Dallas, TX, USA. Novel Office provides fully furnished customizable offices with flexible rental terms like No Deposit, No Lock-in or No contracts, etc. Our office layouts are fully customizable without any material wastage, hence we can provide our customers an office space as per their requirement. We can pretty much offer the exact space they need and in the manner they need. We started off like a typical business center, offering serviced offices to customers looking for small offices for 1-20 people. Over a period of time, we realized that there was a lot of demand for larger serviced offices but the challenge was that the layout requirement of every customer would be different from the other, unlike the small office customers. The only way to address the larger serviced office requirement was to have a layout that was fully customizable as per customer's requirement. A fully customizable layout would mean a lot of investment upfront and also a lot of material wastage every time a layout was customized. Over a period of 2 years, with a lot of research and experiments, we eventually developed a fully customizable layout concept wherein we don't incur any material wastage when we customize a layout and the customization lead time is also short. For ex: We can customize 50-100 seater office space in 10 days which otherwise would take 2-3 months to setup. However, the investment required upfront to set up such a customizable layout is twice when compared to a typical office space setup. In India, we currently have four centers spread across Bangalore, Karnataka and one under construction which could be completed by 2020. In the US, we have one center in Woodlands, TX. All these property sums up to 700,000 Square Feet of office space. We are now in the expansion mode and are looking to spread across India and the US aggressively.