Pune is one of the most affordable cities in terms of home purchase. While this has made it a sought after residential destination all round infrastructure development has also helped the city to achieve one of the highest levels of interest shown by office occupiers. City’s promised infrastructural development and overall live-ability continue to attract corporates and organisations. Its urban sprawl and newly emerged areas not only promise world class amenities and offices but also promise good rental returns.
Despite this, Pune remains a favourite of the occupiers from the IT/ITeS sector. Zones such as Magarpatta City, Yerwada, Hinjewadi, Viman Nagar, Baner, Hadapsar, Kalyani Nagar and Kharadi continue to be the prime areas. Gradually, other sector companies from banking, financial services and insurance (BFSI) sector and consultancies have also occupied a significant share across the city.
Source: JLL REIS 2Q17
The Pune office market is divided into the three sub-markets of the CBD, the Secondary Business and the Suburbs.
CBD – The CBD primarily comprises areas such as MG Road, Bund Garden Road, Koregaon Park and Senapati Bapat Road, which in recent times has emerged as one of the prime commercial areas of Pune.
SBD – The growth of the IT/ITeS sector resulted in the development of many areas in Pune into Secondary Business Districts (SBD). These are located within 5-10 km of the CBD area. These include the areas of Kalyani Nagar, Kharadi Yerwada, Viman Nagar, Airport Road and Nagar Road.
Suburbs – This includes Hinjewadi and Pimpri-Chinchwad in the Western Corridor of the city and Fursungi in the Eastern Corridor of the city. Hinjewadi over the last five years has emerged as the most significant cluster for IT/ITeS development in Pune alongside the North East micro-market in the SBD.