An industrial and automobile city of Maharashtra has now emerged as an IT city with outstanding GDP growth and per capita income of the city. Emergence of IT industry in Pune can be contributed to the last decade which set the forefront of the IT/ITeS sector growth in India. Pune city stands amongst the top ten cities which influenced the economic growth of the country and is now one of the leading IT/ITeS cities of the country. Pune has transformed from a small town to the IT/ITeS hub, and in progress it created a top-notch real estate sector which observed numerous commercial and residential construction activities. Central city still holds a blend of traditional attire, but outer and peripheral areas especially Eastern and North-Western zones have evolved as a modern age office spaces.Although the global economic downfall has stagnated expansion activities of Pune real estate in past year or two, it holds a strong position in the list of top commercial and IT cities of the country. At current, total vacancy level in Pune office market is at 20 per cent mark which has declined gradually since 2009. Since 2010, decline in the vacancy level observed to be the most influenced as absorption in the office market remained steady and new supply significantly lowered in the past few years. The major office market in the city is occupied by the IT/ITeS sector which is especially sensitive to global economic fluctuations, which caused cautious sentiments in the market with suspending expansion and opening plans of companies.Current Scenario
- The majority of office transactions were observed from the IT/ITeS sector with great dominance over the other sectors.
- IT/ITeS sector leads Pune real estate market followed by manufacturing and BFSI sectors.
- IT/ITeS sector accounted for 66 percent i.e. 0.59 million sq ft of office spaces in the first quarter of the fiscal year 2014.
- 60 percent of the IT/ITeS transactions were concentrated in areas like Hadapsar and Hinjewadi.
- The BFSI sector has grown gradually in the past few years and this year the sector consumed almost 0.23 million sq ft of office spaces.
- The two leases which contributed the most in the BFSI sector include Barclays and BNY Mellon.
- The demand of the manufacturing sector also rose up with healthy absorption in the market.
- The manufacturing sector has been growing steadily on the fringes of the city from the last five years.
- Automotive giants like Volkswagen, Mahindra, Hyundai and Mercedes etc have set up their factories in the city.
- The manufacturing sector has gradually increased demand in the locations such as Chakan, Ranjangaon, Talegaon and including upcoming manufacturing areas like Shirval.
The first quarter of fiscal year 2014 has surged through sluggish trend with absorption level increasing by 53 percent against the first quarter of 2013. The fiscal year 2014 has started its year on a strong note which indicates that the Pune will see improved market traction.The region wise market analysis of Pune Office marketCentral Business District and Off-Central Business District (CBD & Off CBD)
- The CBD and Off CBD market comprises areas like Bund Garden Road, SB Road, Deccan, Pune Station and Camp which are centrally located in the city.
- The CBD and Off CBD market has witnessed significant increase in the absorption in the past few quarters.
- The total office space absorbed in the first quarter of fiscal year 2014 was approximately 0.06 million sq ft which was only about 0.02 million sq ft in the fiscal year 2013’s first quarter.
- The largest absorber in the CBD and Off CBD was the IT/ITeS sector which contributed for more than half of the absorbed of the space transacted in the market.
- The maximum activities in the CBD and Off-CBD were experienced in Pride House on SB Road, Suyog Platinum on Tadiwala Road, and City Mall on Ganeshkhind Road.
Peripheral Business District (PBD)
- The areas from the PBD include Hadapsar, Hinjewadi, Kharadi, Phursungi, Wanowrie, Bavdhan, Wakad, and Balewadi
- The PBD market claimed most of the transacted space in the city as the area included office spaces which are created keeping the IT/ITeS sector in mind.
- In the first quarter of the fiscal year 2014, PBD East claimed massive 46 percent of the total transactions of Pune city with total growth of 93 per cent against the previous year’s first quarter.
- The total 0.4 million sq ft of office space absorption was witnessed in the PBD which included share of 67 per cent from EON IT Park in Kharadi and Magarpatta in Hadapasar.
- At EON, Citibank and Barcalays took up approximately 155000 sq ft of office spaces.
- West PBD market synechron accounted for 0.2 million sq ft office spaces in Ascendas IT Park in Hinjewadi
Secondary Business District (SBD)
- Kalyani Nagar, Airport Road, Yerwada, Nagar Road, Vishrantwadi, Wakdewadi, Aundh, Baner, Kothrud, and Unversity Road together form Secondary Business Dosctrict.
- SBD west with areas like Wakdewadi, Kothrud, Aundh and Baner consumed same absorption that of to the previous year’s reference period.
- In total about 84 per cent space transaction were observed in the first quarter of the fiscal year 2014.
- The most active regions of the SBD were Aundh and Baner which accounted for 94 per cent of the SBD West office transacted space.
- Westend III and Amar Paradigm were top most active properties in the quarter.
- The 0.04 million sq ft lease was inked by the BNY Mellon at Commerzone in Yerwada.
- 72 percent of the total space was accounted by Commerzone, Giga Space and Marvel Edge.
The Pune office market started the fiscal year on a good note and it is expected that the absorption level will remain buoyant throughout the year. From here onwards, Pune will observe 4 million sq ft of virgin supply coming online in the market. The demand of the office space is strong which means the vacancy level will not rise in the next three coming quarters.займ на карту без отказов круглосуточновзять кредит онлайн