Development Pattern at Pune Suburban Real Estate

By: George Gonigal

After rocking the Central Business District (CBD) and other prime commercial real estate in Pune, the industry of IT and ITeS has been the sole driver for commercial developments in the suburban areas of the city.

And given the response, the industry has expressed towards , most of the commercial property projects in Pune are focused on creating office space for software companies.

At present, more than 65 per cent of the total commercial real estate in Pune is developing at peripheral locations of Hinjewadi, Kharadi, Yerwada, Hadapsar and Sholapur Road. Interestingly, many of the commercial projects in these areas have been enjoying pre-commitments from both large and small IT companies, sources informed.

Established suburban location like Hinjewadi, however, is witnessing a moderate growth rate in terms of client response. According to property consultants, Hinjewadi is already a base for many IT giants, and now the belt is getting tough competition from the areas of Hadapsar, Kharadi and Sholapur Road. These locations enjoy advantage of vicinity to the railway station and airport, and this is something that can potentially place the commercial properties in these locations in the top slot.

Evidentially, the rental values in these areas have taken cue from the demand pattern, and currently hovering at levels between Rs 34 and 40 per sq. ft per month, against Rs 28-30 per sq. ft of Hingewadi office spaces.

Observing the positive growth trends, the real estate developers have launched a slew of commercial projects in these zones in view of taking advantage of the growing interest of the corporate in the area.

Rental values at the Central Business District (CBD) areas of Camp and Bund Garden at Pune are trading at Rs 65-Rs 80 per sq. ft per month, double than that of suburban developments, sources informed.

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