Following the turmoil in the CBD and other well-known commercial properties in Pune, IT and IT industry have become the sole driving force behind business development in the suburbs. And given the industry’s reaction to Pune Properties, most commercial real estate projects in Pune are focused on creating office space for software companies.
Currently, more than 65% of the total commercial real estate in Pune is built in areas adjacent to Hindjewadi, Haradi, Ervada, Hadapsar and Sholapur Road. Interestingly, many business projects in these areas have previously been committed by large and small IT companies, the sources said.
However, well-known suburban sites such as Hindjevadi show moderate growth in terms of customer feedback. According to real estate consultants, Hindjewadi is already the base for many IT giants, and now the belt faces stiff competition from the regions of Hadapsar, Haradi and Sholapur Road. These places use the proximity to the railway station and the airport, which could potentially put the commercial real estate of these places in the first place.
Rents in these areas appear to be driven by demand patterns and currently range from 34 to 40 rupees per square foot per month, compared with 28-30 rupees per square foot of office space in Hingevadi.
Given the positive growth trends, developers in these areas have launched a series of commercial projects to capitalize on the company’s growing interest in the area.
According to sources, the cost of renting in the Central Business District (CBD) areas of Camp and Bund Garden in Pune is between 65 and 80 rupees per square foot per month, which is twice as much as in suburban developments.