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Pune, the cultural capital of Maharashtra, is rapidly becoming one of the most attractive destinations for businesses in India. The city has seen impressive growth in its commercial real estate sector in recent years. This has led to an increase in demand for commercial spaces, making it a lucrative market for investors and businesses. In this article, we will explore Pune's growing commercial spaces and the factors driving this growth.
The Rise of Pune's Commercial Real Estate Sector
Pune's commercial real estate sector has been on a steady upward trajectory in recent years. The city, as per Savills India Research, a real estate research firm, saw absorption of 6.4 million square feet (mnsqft) of office space as compared to 2.9 mn sqft in 2021 and has seen the highest year-on-year absorption of office spaces in the country in 2022. Currently, in 2023 overall grade A office stock reached 1.5 million sq. ft.
The primary reason behind this growth is Pune's emergence as an IT hub. The city is home to several global IT companies, including Infosys, Wipro, TCS, and Cognizant. These companies have established their development centers in Pune due to the availability of skilled manpower, favorable government policies, and good infrastructure. Additionally, Pune's manufacturing and automobile industries are also driving the demand for commercial spaces. Several large automobile manufacturers, including Tata Motors, Bajaj Auto, and Mercedes Benz, have set up their production centers in Pune.
Types of Commercial Spaces in Pune
Pune's commercial real estate sector offers a wide range of spaces to cater to the needs of different industries. The most common types of commercial spaces in Pune include:
Office Spaces: Pune has a thriving office space market, catering to both IT and non-IT companies. These spaces range from small co-working spaces to large, standalone buildings, and offer various amenities like high-speed internet, parking facilities, and 24/7 security.
Industrial Spaces: Pune's manufacturing and automobile industries require large industrial spaces for production and storage. These spaces range from small factories to large industrial estates and offer features like loading bays, high ceilings, and heavy-duty flooring.
Retail Spaces: Pune's retail sector is also growing rapidly, with several malls and shopping centers opening up in the city. These spaces offer a range of amenities like air conditioning, escalators, and parking facilities, making them attractive to both retailers and shoppers.
Factors Driving the Growth of Pune's Commercial Spaces
Several factors are driving the growth of Pune's commercial real estate sector. These include:
Favorable Government Policies: The Maharashtra state government has implemented several policies to promote the growth of the real estate sector, including the Maharashtra Real Estate Regulatory Authority (MahaRERA) and the Maharashtra State Industrial Policy. These policies have made it easier for developers to obtain clearances and approvals, which has boosted the supply of commercial spaces in Pune.
Skilled Manpower: Pune has a large pool of skilled manpower, due to the presence of several educational institutions and the city's thriving IT sector. This makes it an attractive destination for companies looking to set up their operations in India.
Good Infrastructure: Pune has good connectivity to other major cities in India, thanks to its well-developed road and rail network. The city also has an international airport, which makes it easy for companies to conduct business with their global counterparts.
Pune's commercial real estate sector is witnessing rapid growth, making it an attractive market for investors and businesses. The city's emergence as an IT and manufacturing hub, favorable government policies, and good infrastructure are driving the demand for commercial spaces in the city.
Sources : Sqftrealtech, Naredco – Collier’s Office Trends Report, Kohinoor Pune, Construction Week Online.
Article authored by: Team Propfynd
Date: 18th April, 2023