Future India expansion will have Tier-II, -III focus: Verma and Wang

Headquartered in New York City, the World Trade Centers Association (WTCA) stimulates trade and investment opportunities for commercial property developers, economic development agencies, and international businesses globally. In a joint interaction, VINEET VERMA, managing director, WTC Bengaluru, and SCOTT WANG, vice-president, Asia-Pacific-WTCA, share their insights into the organisation’s growth drivers, in an interview with Aneeka Chatterjee. Edited excerpts:

Do you plan to tap into the smart city concept?
 

Vineet: WTCs are in themselves smart buildings with LEED (Leadership in Energy and Environmental Design) certifications, and we aim for green buildings. We are moving towards the smart city concept.

A classic case of a smart city in India is the GIFT City, where we are already present with an office building and a hotel. In Tier-II and Tier-III cities, where there is an opportunity for business development, there is potential for WTC coming up.

What are the factors driving the growth of the business?
 

Vineet: As businesses are coming up and employment is growing, there is a growing need for space, and this is where WTC comes in. If the office is going to be a smart or premium space, the justification for having WTC comes up. It also depends on what theme the WTC is going to be, either information technology-driven or manufacturing-driven.

How do you see the revenue growth in the company?
 

Vineet: We are the licencees for six WTCs in India, including three operating WTCs in Bengaluru, Kochi, and Chennai. Another three are in the planning stage in Hyderabad, Thiruvananthapuram, and Devanahalli.

How do you see India as a market?
 

Scott: As of today, India has about 40 WTCs spread across cities and contributes close to 13 per cent of the company’s business globally. Following America, India houses the most number of WTCs. We have one of the best networks in India.

What are your plans for India in the next five years?
 

Scott: Our future expansion in India will be more in Tier-II and Tier-III markets amid rising need and demand.

We are confident our India membership will hit 50 in five years, enabling a 20 per cent rise in revenue and investment. This will allow us to bring more business and investment, serve more cities and business communities, create more job opportunities and taxation revenue, and contribute more to India’s development than the numeric percentage increase might imply.

What is WTCA’s investment strategy for India?
 

Scott: Given India’s strengths in labour cost and improving infrastructure, there is great potential for India to expand its trade presence in the global landscape. This is where WTCA and our network in India can truly contribute.

Vineet: Our WTCs in Bengaluru, Kochi, and Chennai have been very successful ventures, and we expect our upcoming WTCs to meet with a similar response. Our WTC Chennai is a 2 million square feet development built for ~1,100 crore. Our focus continues to be South India. Bengaluru remains our home base in terms of business growth, with Chennai and Hyderabad now becoming equally important destinations.