New Delhi, December 5, 2014 – Cherry Hill Interiors Ltd., India’s leading corporate interiors firm specializing in LEED certified projects has reported order book of close to INR 200 Crores for the period ended October 31, 2014 as compared to 110 Crores (approximately) for the period ended October 31, 2013, an increase of close to 100%. This includes projects for reputed companies like AON Hewitt, VM Ware, Dell, E&Y, Adobe, Marks & Spencer, Mercer, DFID, MindTree, Goldman Sacs, Morgan Stanley, Bank of America Continuum Limited and others.
According to Mr. Rajiv Mohan, Managing Director, Cherry Hill Interiors Ltd., “Our positive results showcase our ability to bid and sustain high value projects. Recent survey reports showcase that various corporates are looking to execute office lease over 40 million sq.ft. of space in the top 7 cities over the next 15 to 18 months which is a positive sign for us. We expect office space demand to move northwards with positive early signs of growth numbers in office real estate.”
He also added, “We feel that increased off take of office space in India currently is good news for the sector and economy as a whole, and is an initial indicator of positive business sentiments, economy growth, increased jobs, and in general means Ache-Din for India. The market conditions, business sentiments and overall outlook in India have improved since the new Indian Government that assumed power in May this year. The Government have taken positive steps and also generated hopes and optimism around big-ticket reforms in near future. This has brought cheer to the stock markets in India hoping that the reforms would translate into business opportunities and economic revival. In September 2014, Standard and Poor’s raised the outlook for India’s “BBB-minus” rating to “stable (Investment Grade)” from “negative,” saying the country’s government mandate and improved political setting offered a conducive environment for reforms.”
Mr Rajiv Mohan also highlights a new trend that is observed in the industry, in which multiple corporates are consolidating their small offices that are geographically scattered and shifting into large size premises ranging from 500,000 sq. ft. to 1 million sq. ft. The key reason behind this is to reduce operational expenses such as transportation and communication costs and also provides the advantage of having the complete staff force of an organisation, present at a single location.
In this domain of large-scale offices, lies Cherry Hill’s forte, as the company has executed numerous such projects for its clients PAN India and are widely recognized as the preferred choice of leading corporates.
CherryHill is optimistic that the steps being taken for the Real Estate industry by the Government are encouraging and as the country moves closer to another new year, many of these steps (like launch of REIT’s, relaxation of FDI etc) and anticipated measures (modifications in new land acquisition law, real estate regulatory bill etc) will propel India’s real estate industry to flourish. Further, it is expected that the calendar year 2014 will have incremental demand of 15% over 2013, with an overall expected demand close to 30 Mn sq ft in 2014 (compared to 26 Mn sq ft demand in year 2013). The PAN INDIA off-take of 8.1 Mn sq ft recorded in Q3 2014 was the highest in the last five quarters. Demand though, has currently been stagnant in Delhi NCR, but early signs of growth numbers in office real estate seems to be coming strongly from the Bengaluru Region due to increased activity around IT and ITES services. Bengaluru region continued to be the highest contributor of office space take-up in Q3 2014, contributing close to 30% demand of space across 7 cities in India.
Further, the recent indications by the Central and State Governments in India regarding Green Building Incentives – like increased FAR for Green Building, property tax rebates etc are also encouraging signs for the sector. This shall inspire developers and clients into opting for energy efficient LEED certified buildings and thereby help minimize carbon footprint of the cities. Cherry Hill has been consistently advocating this line for many years and are recognized as specialists for LEED certified spaces, are happy to see such positive indications from the government”.
About Cherry Hill Interiors Ltd. – Credit Rated – A1 / A by CARE
Established in 1987, today Cherry Hill is a leading pan-India player in corporate interiors and occupancy services. Cherry Hill’s journey has been one of rapid growth – from a single-location proprietorship firm to a technology and systems-led limited company with a pan-India presence, and multiple ISO certifications. Over the years, Cherry Hill has successfully executed several milestone projects for leading global corporations such as Adobe, Airtel, Akzo Nobel, Apple, Amazon, Areva, Avanta, Bank of America, Bennett & Coleman, Boston Consulting Group, Dell, HP, British Council, Capgemini, Coca Cola, Ernst & Young, Fortis, Google, HP, Microsoft, Qualcomm, Reckitt Benckiser, SAP, Schneider, Shell, World Bank among others. Cherry Hill prides itself in having worked with one out of five among the Fortune 100 companies. Helping create over 20 million square feet of workspace, seating more than 250,000 professionals. We have gone beyond corporate offices to hospitals and hotels, and beyond interiors solutions, to offer comprehensive fit-out solutions, besides importing leading brands of furniture and furnishings from across the world.
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