Pune has always been the first preference for the industrial sector over the years but in the past few years it has been emerged as a hub of IT and ITeS sector. The city is spreading on its fringes steadily with the growth of the commercial sector. Most of the expansion is seen along the Mumbai expressway at Talegaon, and it also has been spreading upto Chakan and Ranjangaon. Commercial real estate has always been dependent on the health of the IT industry of the city. Though the commercial real estate is cheaper in the city compared to the residential real estate of the city, it has been a great impact on the overall real estate of the city. The areas like Deccan, F C Road, Bund Garden, Boat Club Road, J M Road and M G Road are the oldest business destinations in the city. The growth of the commercial real estate is affecting other parts of the city, upcoming areas with great commercial real estate perspective are Aundh, Baner, Viman Nagar, Magarpatta and Kharadi.Commercial real estate is mostly categorized to three different types, fully-furnished known as ‘Plug & Play’, Semi-furnished and un-furnished properties. Fully-furnished office spaces are mostly preferred by the small and medium businesses and enterprises. The demand and the supply of commercial property differ according to the size of the property. Maximum demand has been observed for the properties falling in the range of 1000-1500 sq ft whereas the maximum supply was observed in a 5000 sq ft above category. Companies are favoring localities which are in closed proximity of the either Mumbai expressway or the Pune airport. Companies prefer cost effective, future expansions oriented properties while renting or buying properties in the particular region.The Pune city is divided in three different business districts according to localities and infrastructure developments. Let us look at each district in brief to get the idea of commercial real estate of the Pune city.Central Business District (CBD):CBD is the oldest business district of the Pune city which incorporates F C Road, J M Road, Deccan, Bund Garden, M G Road and Boat Club Road. The infrastructure in CBD is old and most of the important government and private companies reside in this district due to the better trade activities. Developers and builders have tried to relocate the CBD as the Hinjewadi, Kharadi and Magarpatta have emerged as the new business capitals of the city. But the centrally located CBD with the great trade activities in the areas has maintained CBD at its current location.It is well known that the Deccan, M G Road, F C road, J M Road are the centrally located areas of the city along with well connected roads. Transportation connecting CBD with other localities is also great as many transportation options are available like bus, trains, taxis etc. Corporate personnels and higher level officials favor Deccan as the meeting place, being at the central location.Many government bodies and Institutions can be seen in the locality of the CBD along with many big international companies. Though the infrastructure of the CBD is kind of old; many new infrastructures can be seen in the neighborhood. Availability of hotels, retail centers and improved residential real estate makes CBD more important. Many new residential high developments have been seen in the past few years due to the increase of the commercial real estate of the CBD.Demand of the CBD has affected the real estate value of the location which further affecting the market rates in the CBD. The areas like Deccan, Boat Club Road and Bund Garden are highly preferred locations in CBD for residential as well as commercial properties. Kolte Patil and Brahma Group and Karan Telraj Group are the key developers in the commercial real estate market of the CBD.Property rates for sale and rent in CBD are:
| Locality | Rate for Sale(Rs per Sq Ft) | Rate for Rent(Rs per Sq Ft) |
|---|---|---|
| Deccan | 9,000 to 17,000 | 65 to 100 |
| M G Road | 10,000 to 20,000 | 40 to 60 |
| Boat Club Road | 10,000 to 20,000 | 65 to 100 |
| Bund Garden | 9,000 to 15,000 | 60 to 90 |
Secondary Business District (SBD):Growth in the SBD is experiencing the slow flow owing to the shortage of the land parcel yet it has witnessed huge demand in Wanowrie and Senapati Bapat Road areas. The SBD includes the localities of Senapati Bapat Road, Kalyani Nagar, Aundh, Wanowrie, Kothrud, Koregaon Park, Viman Nagar, Pimpri and Chinchwad.Magarpatta comprises of one of the biggest IT parks in India Cybercity where biggest and renowned IT and BPO companies are present. The Cybercity offers many futuristic amenities along with top class commercial infrastructure and great ambiance. SBD also has the great hospitality market as areas like Kalyani Nagar and Viman Nagar is home to many international hotels such as Four Point, Hyatt Regency, Taj Vivanta, O hotel etc.Kalyani Nagar and Viman Nagar also host as great retail and commercial development zones in the SBD with many prime retail outlets and store situated in the region. Senapati Bapat road has also been the great retail location in the Pune city which also has many hotels and commercial projects along with showrooms of big automobile companies. SB road is the most prominent location in the SBD with showrooms like Mitsubishi, Volvo, Audi and companies like Cognizent, BMC softwares, Persistent along with International Convention Center (ICC).The SBD has many companies and organization spread across all localities which include Aviva, Accenture, Amdocs, Patni Computer Systems, I Gate, HCL, John Deere Technology, Standard Chartered Bank, Reliance Industries, Commerzone, and many more. Kumar Builders, Ruikar, Marvel, Rachana developers, Pansheel, Naik Navre, Pride Purrple are some of the few Key developers in the SBD.Property rates for sale and rent in SBD are:
| Locality | Rate for Sale(Rs per Sq Ft) | Rate for Rent(Rs per Sq Ft) |
|---|---|---|
| Senapati Bapat Road | 15,000 to 20,000 | 75 to 100 |
| Kalyani Nagar | 7,200 to 11,000 | 55 to 65 |
| Aundh | 8,000 to 10,500 | 55 to 60 |
| Kothrud | 8,000 to 12,000 | 55 to 65 |
| Viman Nagar | 8,000 to 12,000 | 40 to 45 |
| Pimpri and Chinchwad | 7,500 to 8,200 | 40 to 60 |
| Magarpatta | 4,300 to 6,900 | 40 to 45 |
Peripheral Business Districts:The increasing demand incorporated with the shortage of land in CBD and SBD gave birth to the concept of the peripheral Business District. Most of the localities in PBD are spread along the perimeter of the Pune city. Key locations which affected the commercial sector the most are Hinjewadi, Baner and Kharadi, though it also includes localities of Talawade, Wakad, Pimple Saudagar, and Phursungi.The PBD initially was just vacant land of the government hence the development of the PBD was well planned and connected with the main stream Pune. The PBD has seen the development according to the requirement of commercial giants established in the PBD. The area has easy accessibility so that lakh of employees can be benefited from it.Commercial real estate is at its peak in the PBD, but it also increasing residential development in the nearby localities of the PBD and within the PDB. The demand of high end residential development is high in PBD as commercial sector has major influence on the PBD.The commercial giants who play important part in PBD are Wipro, Infosys, KPIT Cummins, Persistent, TCS, Credit Suise, Barclays, Zensar, Mphasis, Meltek, Emcure Pharmaceuticals, Tech Mahindra, Synecron, Vodafone, Cap Gemini, SYNTEL and many more. Developers and builder who play the key role in the development of the PBD are Saarthi Group, Marvel, Panchsheel and Pride Purple.Property rates for sale and rent in PBD are:
| Locality | Rate for Sale(Rs per Sq Ft) | Rate for Rent(Rs per Sq Ft) |
|---|---|---|
| Hinjewadi | 8,000 to 15,000 | 30 to 35 |
| Kharadi | 7,000 to 9,500 | 30 to 55 |
| Baner | 6,800 to 10,000 | 40 to 50 |
| Wakad | 5,800 to 7,500 | 30 to 35 |
| Phursungi | 5,000 to 6,500 | 30 to 35 |
Other than these commercial districts, Pune is also a home for the industrial and warehousing sector which is mostly situated few kilometers away from the main city. Industrial and warehousing have seen the development in the areas of Wagholi, Chakan, Bhosari, Talegaon, Shirval, Sanaswadi, Ranjangaon, and Pirangut.