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Indian Real Estate News : Pune
IT, ITeS sector drives growth in Pune's commercial real estate market
Source: Jul 13, 2011
Pune, traditionally known as the Detroit of India for its stronghold on the automobile industry has of late emerged as a preferred IT/ITES destination of India.

The last few quarters have seen a large number of Indian corporates in the IT/ITes, BFSI, manufacturing and engineering sectors embark on their expansion strategies, indicating that the economy is regaining its health.

According to real estate consultancy Knight Frank India, the net absorption of space in first half of 2011 was 1.58 million sq ft as compared to 3.54 million sq ft in 2010. This is expected to jump to about 36.9 million sq ft in the current year.

"A healthy absorption rate across micro-markets has led to marginal improvements in rentals as well," the report mentioned.

In H1 2011, the IT/ ITES sector was responsible for around 73% of the total office space absorbed, followed a long way off by the manufacturing and engineering sector which contributed about 8.5% and 8.6% respectively.

The office market in Pune has evolved primarily due to the growth of the IT/ ITES sector in the city. Hinjewadi in the west, and Viman Nagar and Hadapsar towards the east are some of the prime IT/ITES office markets in Pune.

The year saw a number of companies like India Infoline, Bosch, Du Pont, Way To Wealth and SG Electronics, KPMG, Mahindra Satyam, Cognizant, Capstone, Yardi, PWC and other take up significant space across Pune, either for expansion or consolidation of their offices.

Tag: Property in pune, real estate in pune, pune apartments
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