Pune Commercial Real Estate: Hottest Growth Corridor
Pune commercial real estate is attracting businesses due to impeccable construction and proximity to the nation’s financial hub Mumbai. The office space absorption has increased by 17 % at 35 million sq. ft in 2015 which can be seen as an indicator of steady economic growth. IT boom is also one of the prime drivers for growth in the commercial sector here. The city is also home to several financial institutions as well as big corporate firms which equally contribute in the nation’s GDP.
The vibrant real estate market in Pune offers businesses both new as well as old many opportunities to thrive and become global. From auto ancillary industry to IT/ITES to BFSI sector and from garment industry to hospitality to Pharmaceutical industry, all are blossoming in the city. Apart from its medium and small scale enterprises, startup culture is growing the needs for commercial office space in Pune.
Commercial Property in Eastern Pune
Frequently upgrading infrastructure and seamless connectivity to and from the city have led to business prosperity. Locations like Baner, Kharadi, Wakad Etc which come under Central Business Districts (CBD) are witnessing major growth in the demand for serviced offices spaces. Yerwada on the eastern corridor of Pune alone accounts for over 52% office space absorption in the city. Being prime residential and commercial hub with good retail, hospitality as well as easy connectivity to city center, airport and Pune railway station, the demand for office spaces will go on increasing in Yerwada. Commercial developments in Eastern Pune along the Nagar road and Yerwada continue to supply the crux.
Kul Cerebrum IT Park in Kalyani Nagar, Naiknavare Town Square in Viman Nagar, Pride Icon and Panchshil World Trade Center in Kharadi bring high end commercial office spaces with smooth connectivity to the main city.
Commercial Property in Western Pune
The development of IT and manufacturing centers in Hinjewadi and the adjoining areas in the western Pune has increased the demand for commercial office spaces. Rapid infra growth and connectivity to the Pune-Bengalore Road & Pune-Mumbai Expressway, Baner is emerging as the major commercial real estate.
Another place called Wakad located in Pimpri Chinchwad Municipal Corporation (PCMC) is growing extensively due to availability of sustainable spaces at highly competitive prices.
Pride gateway in Baner, Shroff Speciality Business Centre in Balewadi, Suratwala Mark Plazzo in Hinjewadi and Adi The Address Commercia in Wakad are among the lavish new projects which cater to the demand for commercial office space and commercial shops in Pune.
Pune Real Estate Market Prospects
As Pune commercial real estate is growing, investing in the commercial properties can reap good return to the investors. Modern infrastructure with shared services is the major highlight of Commercial shops in Pune. According to real estate experts, these commercial properties can fetch 7-10 % return on investment as compared to residential property which yields 2 and 4 percent on return.
