Pune’s commercial market is on the rise
Pune is one of the fastest growing cities for real-estate opportunities. But this was not the case earlier. It all started after automobile sector set up their industries and the growth story of Pune began. Following this, many labor and working professionals entered the city. Housing and hospitality were one of the necessities, which brought in a lot of real-estate developers to Pune.
Land affordability coupled with Pune – Mumbai Expressway made it significant for many other industry players like the IT companies and ITeS to set up their base here. This in turn increased the working population here. The demand for rental and owned properties increased immensely. Fortunately for Pune, this trend continues. As per the reports around 2 million square feet of leasing activity has taken place in the commercial sector alone in the last quarter. Global Giants companies like Google announcing their arrival in Pune, the future seems to be promising enough of Pune.
With the central areas of Pune like Kothrud, Viman Nagar, Kalyani Nagar and other such areas having hardly any space for development, the growth has propelled over to Baner, Pimpri-Chinchwad and to the west of Pune. There are several commercial developments including Kohinoor World Towers that are coming up in areas of Pimpri-Chinchwad owing to the growing demand from OEM’s, R&D and back-office, front office requirements of manufacturing players in the vicinity.
A large work force is residing and working from Pimpri-Chinchwad (PCMC)area because of the quality of living the location offers, connectivity and infrastructure amongst the few factors. Several promising start-ups, Business Processing Managements (BPMs), IT and ITeS are adding up to the continuous growth of PCMC. As per reports, currently, Pimpri Chinchwad area has a stock of about 20 lakh square feet of commercial properties and demand of close to 40 lakhs.
The location of Pimpri is an emerging market for commercial investment as easy accessibility to Pune -Mumbai Highway, Pune Metro, Pimpri railway station and most importantly availability of land parcels at affordable rates. Going by the reports of several IPCs, the commercial activity is likely to increase in the coming few quarters and is likely to be at a peak by 2026. Despite the Hybrid Model of working, the studies show that many still prefer to live closer to their workplaces. This has thus led to a lot of residential development noticed in Pimpri and Chinchwad areas.
Several big players in the real-estate market today are using their knowledge and understanding of construction to deliver better products to the consumers. Be it in the residential or commercial sector. There is a lot of good quality planning, construction and later its maintenance that defines the delivery of a successful project.
In general maintenance of good projects are being overlooked in India compared to other attractive global markets. The maintenance and day to day management of property at the highest quality or form is a must have to for any A+ grade project. Coordinating with multiple vendors, upkeeping the standards of construction, and keeping it energy efficient at the same time requires meticulous planning & experience.
This is where involving experts to maintain the quality of a commercial or a residential space becomes of utmost importance. There are several services such as ensuring clean and hygienic environment along with management of day-to-day activities, which are necessary. If these are carried out by a trusted external agency / company – a trend which is globally followed – can reduce regular maintenance burden from the owner of a commercial property.
Based on the above scenarios high quality developers and projects look for assistance from global players like CBRE who are the global experts in property management too.. Involvement of such companies could prove to be a game changer especially for the commercial property owners.
The results are evident in several tier I cities like, Bangalore, Hyderabad, and Delhi-NCR where such external agencies are in existence and working for large commercial complexes. But the tire II and tier III cities are yet to witness this. With Pune having a large commercial bandwidth, this trend is likely to be followed by many Grade A developers.
Views expressed above are the author’s own.
END OF ARTICLE
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.