Pune’s commercial real estate sector has consistently grabbed a lot of attention due to the high quality of its development and its closeness to the nation’s financial capital, Mumbai. Several different sectors are now thriving in this area, although the IT industry has always been one of the dominant catalysts of growth within the commercial sector.
A recent survey has shown that Pune had the highest absorption of office spaces in 2022, highlighting the growing demand for office spaces in the city and indicating a thriving business environment. The increase in office space absorption is a testament to Pune’s attractive business climate and its status as a hub for several key industries. This trend is expected to continue, making Pune an ideal location for businesses looking to establish themselves in India.
Pune’s commercial real estate in 2023
Pune’s commercial real estate is improving and expanding. Maintained office spaces as well as the start-up culture are two other ideas that are rapidly expanding and increasing the requirement for commercial spaces. In 2023, Pune’s commercial real estate industry is poised for growth as startups and major corporations target the city for its data centers and ample commercial spaces.
On the back of rapidly expanding demand, commercial space investment is already experiencing greater returns than the residential sector. Investing in it might be the right time and could benefit you and your business flourish. But before making an investment in commercial property in Pune in 2023, there are several things you should consider. Let’s find out what they are.
5 Things to look out for before investing in Pune’s commercial real estate in 2023
- Healthy work environment
When developing a healthy work environment, several different factors are at play. This involves more than just offering them a competitive salary and attractive perks. Even the color schemes used in offices, or the absence thereof, can affect how the staff performs. Healthy work environments are encouraged by amenities like in-office yoga, meditation rooms, gyms, wellness challenges, and on-site great restaurants. When you purchase a commercial property, make sure it offers employees all the amenities mentioned above, which make it simpler for them to do necessary activities, collaborate with others, use their imaginations, and generally feel better.
- The government bringing new investment schemes to Pune
The government is introducing beneficial programs and investment opportunities in the commercial real estate market. The Real Estate Investment Trust (REIT) recently received approval to expand the sector’s investment prospects. Due to its expanding connections and thriving market, Pune has grown to be a well-liked place to invest in commercial real estate all through the years. The government is implementing new investment schemes to enhance Pune’s infrastructure and improve connectivity, such as the proposed Metro connectivity. This not only increases the value of properties but also provides a strong potential for future growth and return on investment in commercial property investment in Pune for savvy investors.
- Impact of new COVID outbreak
Despite challenges during the second COVID-19 phase, the sector recovered quickly thanks to Pune’s unique and favorable combination of talent, technology, industry, and connections. However, 2023 is posing another threat of a COVID outbreak with the rise in cases in China. This has forced businesses to delay or rethink their decision to invest in new commercial spaces, as uncertainty about the future of the pandemic continues to linger. The situation remains fluid and is affecting the real estate market. But Pune has the capacity to deal with this situation, having overcome similar challenges in the past. The city’s well-equipped healthcare system, technology infrastructure, and skilled workforce make it a resilient destination for businesses.
- Projects with high guaranteed returns
Pune is now becoming a new home for businesses from all sectors with new commercial infrastructure & easy lifestyle attracting both employers and employees to shift to Pune. Additionally, Pune is also home to a large number of IT businesses that employ individuals from all across India, resulting in a significant influx of professionals. Numerous new projects are being built in close proximity to the Mumbai-Pune highway and other prominent locations of Pune’s suburbs. Commercial real estate developers provide a balance of comfort and elegance with all the conveniences a business needs; these enable new investment opportunities for commercial real estate investors wherein they can either invest or buy space and yield growing returns over the period.
- Location, Location & Location!
Location is crucial in commercial real estate investments. Pune has efficient transportation, including road connectivity and multiple modes of transport, making it easily accessible to IT hubs and MIDC. This, along with the presence of the metro and highway, increases the location’s appeal and demand for commercial spaces. Location and accessibility affect year-on-year returns, making it important for investors to consider when making investment decisions. With rising property rates and transportation options, Pune presents a solid investment opportunity for those who carefully consider location.
Conclusion
Pune’s commercial real estate is a hub of growth and is attractive to businesses due to its favorable business environment and proximity to Mumbai. 2023 presents an opportunity for investment, with growing demand for office spaces and new projects, as well as government investment schemes. However, factors such as a healthy work environment, potential COVID impact, projects with high returns, and location should be considered to ensure a successful investment.
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