When it comes to investing in commercial property in Pune, it’s important that you do a thorough research. Due to the constantly evolving nature of businesses, it is necessary to study the market, and find the pros and cons of developers, construction, amenities, price, and value. But the most crucial factor when it comes to choosing a commercial office space for sale in Pune is its location.
With Pune witnessing rapid growth in the past decade, several areas have transformed from suburbs into commercial hotspots today. Advanced technologies, skilled professionals, and affordable real estate are some factors which have contributed towards its development. In May 2021, the city witnessed a 12% increase in IT hiring. Moreover, the top educational institutes, smart city initiatives, and lower cost of investment (as compared to Mumbai) have also made Pune a preferred destination for commercial enterprises.
When choosing a location to buy commercial property in Pune, we need to research about the neighborhood, captive audience, connectivity, and growth in the future. An inaccurate deduction about the business location can adversely affect the operational costs as well as long-term ROI.
For instance, when commercial real estate started developing in Pune, Hinjewadi became one of the fastest growing areas in the city. It saw the rise of some of the biggest IT parks such as the Hinjewadi IT Park, International Tech Park, Embassy Quadron Business Park, etc. Major IT companies, MNCs and Corporates had set up their offices and the whole suburb was seeing a boom in the market.
However, over the years many companies have started exploring other locations as well. So, let’s look at some of the reasons why this has happened.
1. Traffic
Having one narrow road as the main entry point, Hinjewadi is faced with bottlenecks during morning and evening hours. Routine traffic snarls have also affected the efficiency of the employees and 56 companies, including six multi-nationals bade goodbye to Hinjewadi IT Park in 2019.
2. Inadequate Social Infrastructure
There are thousands of working professionals in the area but the number of cafes, restaurants, supermarkets, gyms, recreational centres, hospitals, parks etc. is not at par. The obvious option for most individuals is to flock to Baner and Balewadi.
3. Distance from major destinations
Another challenge is that Hinjewadi is a bit far from the main city. Reaching Shivaji Nagar, Koregaon Park, Viman Nagar, Magarpatta, and many other destinations takes time due to the distance and traffic. It is also quite cumbersome to reach the Pune airport, and railway station.
Due to such reasons, many commercial real estate buyers as well as companies have started eyeing other locations in the city and this has led to the increased demand and growth of new commercial hubs in Pune.
Over the past few years, Kharadi has emerged as a business hotspot, welcoming many IT giants to set up their offices in business parks. It is home to some of the most sought-after IT companies and is the address of some of the biggest IT parks – namely Zensar Knowledge Park, MIDC Knowledge Park, Eon IT Park and World Trade Center. Even Barclays has opened its largest office (1.1 million sq. ft.) after UK, in Kharadi.
One of the biggest advantages of Kharadi is the fast appreciation of real estate prices. In just a span of 10 years, it has witnessed a capital appreciation of 140%. Kharadi also has great roadways and being a residential area, offers a large residential catchment (Viman Nagar, Wagholi, Dhanori, Magarpatta, and Manjari) to corporate occupiers. The upcoming Metro line will also enhance its connectivity and boost value and growth.
A well-developed social infrastructure, flexible payment options, and higher ROIs, are among the many other reasons that make Kharadi a great investment choice.
As this market continues to expand its footprint, The Platinum Towers has emerged as one of the most prestigious commercial properties in Kharadi. Designed to cater to every business enterprise – co-working spaces, call centres, restaurants, supermarkets, shops, and multi-brand showrooms, it is an IGBC Gold Pre-Certified Project.
It has 2 lakh sq. ft. of internal saleable space, ensuring that every office has its own attached pantry and toilets and a parking spot for every 1000 sq. ft. of space they occupy. Close to malls, major hospitals, hotels, airport, railway station and the metro, it also has Reliance Smart Superstore (Launching Soon) occupying two entire floors. With guaranteed footfalls, top-notch construction quality, commercial spaces in a range of sizes, and superb connectivity, The Platinum Towers is an unmissable investment opportunity for every entrepreneur and investor.
Links:
https://www.freepressjournal.in/cmcm/56-firms-in-hinjewadi-pune-driven-out-by-traffic-woes
https://propertymakkerz.com/editorial/pune-real-estate-is-the-best-investment-option-in-2021/
https://groups.commonfloor.com/blog/reasons-to-invest-in-kharadi/
https://roofandfloor.thehindu.com/real-estate-blog/kharadi-emerging-it-hub-of-pune/