Sunday, 4 November 2012

Demands for office spaces are stabilized in Pune

Pune ranked 8th top cities in India. Due to growing IT cities in India, there was high demand for office spaces from last few years. It has been observed that the rental demand for office spaces in Pune stabilized. Few locations are still in demand but overall result shows that situation has stabilized. According to total assimilation of office space will be around four million sq ft during 2012

C B Richard Ellis - a real estate consultancy company stated that existing vacancy levels and lower demands for commercial property have resulted in a sudden decline in supply addition in country.

Some areas of Pune such as Koregaon Park M G Road, Bund Garden, Dhole Patil, Kalyaninagar, J M Road and F C Road observed increase in transaction. The rentals have gone up in these areas from Rs 28 – Rs 30 per sq ft in 2010 to Rs 40 now. In some locations it is as high as Rs 60 per sq ft.Rates in areas like Hinjewadi are sky-rocketing.