Just like any other emerging real estate destination of India, IT has created magic for Pune as well. More than 90 per cent of the commercial office space in and around the peripheral locations like Hingewadi is absorbed by IT and ITeS companies, say the property dealers active in the area,
With such trends, the real estate developers also have launched commercial projects in the area. Keeping in mind the interest of corporate players in establishing their operation centers here, the developers are pretty positive about the new projects, said Rajesh Marwah of Pune Properties.
He pointed out that the volume of construction activities in the region is enormous. As per the market reports, about 50 per cent of the total office space projected to be supplied in Pune would come up at these peripheral locations only.
The property rentals are also quite moderate in comparison to the cities like Bangalore, Hyderabad, Chennai and Delhi. According to sources, the average office space rentals at Hingewadi hover between Rs 20 and Rs 35 per square foot per month.
With this near about all the large IT companies of India including Infosys and Wipro have opened their software development facilities in the area, and many international IT and ITes giants are also scouting for commercial property in the area quite aggressively.
Basically, this emerging picture at the peripheral locations of Pune started with the construction of Rajiv Gandhi InfoTech Park at Hingewadi. The successful completion of the project not only established Pune among the most sought after locations for technology majors but also catalyzed the commercial real estate scenario in the city.
Definitely, Hingewadi is an ideal place for any business conglomerate. The location is suitably connected with the commercial hubs of Mumbai and Bangalore with Mumbai-Pune and Mumbai-Bangalore Expressway.
On the other hand, the property values at Hingewadi are also quite low in comparison with the other prime commercial locations Pune.
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