subject: Commercial Real Estate In Pune [print this page] The total office space in Pune registered at approximately 2.5 million sq ft through the first three quarters of 2010, which obviously indicates the horizon of demand revival. The owners strongly felt it was the appropriate time for them to expand as the prices were comparatively decreased. Because of high value Property in Pune, city is getting improved and modernize.
One of the important reason behind this desire revival was the progress in requirement for SEZ. The influence was clearly seen with a majority of Punes office space dealings (around 60%) recorded in SEZs in 2010. In 2011, demand is strengthen across markets, along with an enhance in SEZ assimilation. The suburban micro-market, comprising mainly of the Hinjewadi region, is likely to benefit as it houses most of the upcoming SEZ supply. The secondary business district (SBD), on the other hand, presently has a considerable share of the citys ready-to-occupy as well as under-construction stock located in SEZs (EON Cluster D, Cluster B and Cluster A and Magarpattas Cybercity Towers VIII and IX) and various STPI units. This will also contribute substantially to the overall absorption ranges in the city during the coming quarters. Pune residential properties are going much more higher rather than the commercial properties.
The commercial market is expected to see a significant supply of around 14.53 million sq ft in the next few years with most of the supply positioned in SBD and the suburbs. Some of the significant advancements in SBD amongst the IT completions would include Commerzone buildings 5, 7 and 8 at Yerwada and Weikfield IT Parks Block B at Viman Nagar. Completions amongst SEZs would include EON clusters A and B and Magarpattas Cybercity buildings 8 and 9 at Hadapsar. The majority of the long term supply in the suburbs would comprise of numerous IT SEZs by DLF, Paranjape (Blue Ridge), Embassy Group (Embassy Tech Zone) and Shapoorji Pallonji Group (SP Infocity).
Rentals are likely to stay steady across all precincts in the arriving quarter, but will gradual enhance towards mid-2011 and 2012.
