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Wednesday, February 11, 2015

Pune’s Commercial Real Estate Market: An Optimistic Outlook-2015

Pune's commercial real estate market is progressively pulling in the consideration of significant office space occupiers. The city is gradually becoming a second alternative to Mumbai, as a result of its accessible quality space alternatives, relatively reasonable rental rates, and additionally its closeness and great integration with India's budgetary capital, Mumbai.
Property prices in Pune realty market’s major micro markets saw a decent surge over the year 2014. Despite the slowdown witnessed across other major cities in India, Pune real estate market stood sturdy and resilient due to high demand from the IT/ITeS sectors.
Here are some of the factors that supports the fact that the year 2015 will prove to be a positive year for the Pune real estate market; especially the office space market
1.      Addition of More Office Space
Almost 1.4 million sq ft of evaluated office space was added to Pune's aggregate business office stock in the quarter part of 2014. The off-CBD micro-market area of the city saw noteworthy undertaking fulfillments at Bavdhan, Gultekdi and Baner amid the second quarter of the year; while the CBD micro-markets of Boat Club Road and Koregaon Park had seen critical supply expansion in Q1 2014.

2.      Opportunity for IT & Other Industries