K Raheja Corp and Aditya Shagun Developers plan to develop a 3-million square feet Grade-A integrated IT Park in Pune’s Balewadi area and have completed a land transaction for this. The deal was facilitated by JLL India, a real estate consultancy firm.
In a statement, JLL said that the proposed development is in the northwestern corridor of the city, strategically located close to the upcoming metro station at Baner Road. It is close to both Baner and Aundh localities. The project is an endeavour to contribute to the Smart City initiative at Baner and Balewadi, the company said in a statement.
About the micro market
Balewadi has seen rapid growth in terms of social infrastructure over the years. It offers easy access to several residential, office and retail developments along with hotels, hospitals, schools and more, making it an attractive destination, said the company in a statement. Where as both Baner and Aundh Both are developed loaclities situated on the north western tip of Pune near Mumbai Pune Expressway.
“Pune witnesses approximately 6 million square feet of gross absorption on an annual basis, and the annual demand in this micro market is approximately 1.5 million square feet. With increasing demand, there is a lack of availability of large campuses in the micro market and corporate occupiers have been eagerly awaiting quality real estate supply," said Sanjay Bajaj, managing director, Pune, JLL.
“The proposed landmark development by Aditya Shagun and K Raheja Corp shall be a fine blend of an IT park with a special focus on sustainability, low density, integrated retail, well-planned amenities for its corporate occupiers. Once ready, this IT park will be perfectly located and right-sized to attract Grade-A tenants,” added Bajaj.
Also read: Pune records 14,309 property registrations in March, earns Rs 621 crore
According to the company, Pune has been witnessing significant growth in the office sector over the past few years. This has been due to several factors, including consolidation of global and Indian corporate occupiers, moving into Grade-A campuses, offering higher levels of efficiency and a greater focus on sustainability, and employee experience. The weather, excellent talent pool, social infrastructure and prime developments by renowned developers have made Pune the city of choice for many organisations to move from larger cities, it said.
“This will be a large integrated IT park, which each one of us is developing for marquee corporate occupiers with a focus on creating experiential spaces. This project will offer world-class office spaces and energy-efficient operations with a special focus on sustainability, low density, integrated retail, well-planned amenities," said Rinku Shewani, partner.
Aditya Shagun Developers, Pune, adding, "This collaboration is a validation of the trust, affiliation and relationship that we share with K Raheja Corp. They have been instrumental in developing large IT parks across India and have earned a reputation of curating high-quality real estate. We are confident this offering too will be a notable landmark for MNCs and Indian corporates.”
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
