Bengaluru-based online gaming start-up, Gameskraft Technologies recently bought an office space in the city for Rs 129.99 crore, according to the documents accessed by Propstack.
According to a report by Anarock, three major cities in south India — Bengaluru, Hyderabad and Chennai — dominate India’s office market with the contribution of 66 percent of the total demand for office space during the last financial year 2020-21.
“This is positive news for the overall office sector and Bengaluru in particular. Online gaming is one of those sectors which has been thriving during the pandemic. And with gig economy and concepts like work-from-home becoming more mainstream, the gaming industry will create more opportunities for employment and recreation,” said Raja Seetharaman, co-founder Propstack to Moneycontrol.com
Gameskraft bought the property spread across 1.21 lakh sq ft from Embassy Property Developments, the documents showed. The property, called Embassy Techsquare, Delta, is situated in Marathahalli, Bengaluru’s eastern suburb that is a commercial hub and has residential areas. The deal for the 1.21 lakh sq ft property was registered on 31 August 2021.
As per the document, Gameskraft has bought the sixth, seventh and the eighth floors of the building. The recent KPMG report revealed that gaming is valued at just under $1 billion and is expected to grow at 41 percent a year and by 2024 it will touch $3.75 billion in India, with subscriptions, in-app purchases, advertising and platform fees comprising the revenue streams. Post lockdowns, the ecosystem saw some of the biggest gaming deals inked last year.
Anuj Puri, Chairman of ANAROCK Property Consultants, said in the same interview “As vouchsafed by a recent ANAROCK report, the main southern cities have overtaken their western and northern counterparts in terms of both supply and absorption of commercial spaces. As Indian’s Silicon Valley and one of the most important commercial hubs in the country, Bengaluru will continue to attract high-value office space deals. Occupiers and institutional investors will continue to maintain a hard focus on this market.”