The project spread over 10 acres within Pune’s Hinjewadi IT Park will be Joyville’s sixth project in India. Joyville is a $200 million platform by Shapoorji Pallonji, ADB, IFC and Actis to develop aspirational housing projects in India.
The platform has so far invested Rs 870 crore in five projects across Mumbai Metropolitan Region (MMR), Pune, Gurgaon and Kolkata.
“Pune is an important market for us…This project addition fits well with our strategy of strengthening our presence across the country’s leading real estate markets. We are confident that our newly launched project will meet customers’ expectations of premium living,” said Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate.
Sensorium, the company’s third project in Pune will have a total inventory of over 1,100 apartments with configuration of 2 and 3 bedrooms priced above Rs 64.4 lakh. The company had earlier launched two projects in Pune–Joyville Hadapsar Annexe and Joyville Hinjawadi.
Shapoorji Pallonji Real Estate has a development pipeline of over 80 million sq. ft and is looking to double its top line in the next 2 to 3years. The real estate arm is planning to launch new projects and new phases in its existing projects in MMR, Pune, Gurugram, Bangalore and Kolkata by this fiscal year.
MUMBAI: Commercial real estate activity in Pune, one of the key information technology and IT-enabled service hubs in the country, has started picking up after witnessing sluggish activity during the lockdown and the ongoing Covid-19 disruption.
The market has recorded absorption of over 1 million sq ft during July to October compared to a 1 million sq ft absorption in the first half of the year until June, showed data from JLL India.
The city witnessed large corporate occupiers renewing their existing office leases as a part of their long term corporate real estate strategies during July to October.
The leasing has been primarily led by financial services and insurance, fintech, Indian and global technology services firms, and co-working space operators.
“Most sectors continue to expand their footprint in the city owing to the diverse and quality talent base, large world class campuses offering competitive rents and the city’s vibrant and cosmopolitan lifestyle. Due to these factors, Pune remains a favorite among occupiers, developers and investors. The deal pipeline for 2021 looks strong,” said Sanjay Bajaj, Managing Director – Pune, JLL.
Average vacancy in Pune during the last three quarters remained range bound and stands at 4.7%–one of the lowest in the country, at the end of third quarter.
Around 7 million sq ft of new supply is scheduled for completion by the end of 2021.
“The initial part of the financial year saw occupiers focusing on business continuity and seamless delivery of services for their global clients, following a cautious approach to committing to larger areas, although, there have been small spurts of demand from multinationals seeking spaces for their immediate needs,” said Vinod Rohira, CEO, Mindspace Business Parks REIT.
According to him, the reduced supply of grade A offices, sub dollar rentals, skilled human capital, increased preference for high quality and safe office spaces, has augured well for key developers like Mindspace, in several markets, including Pune.
Among key transactions in October, global alternative legal services provider DWF Mindcrest leased over 280,000 sq ft of office space at Mindspace Business Parks REIT in Pune‘s Kharadi locality, while flexible office space operator Simpliwork Offices also inked a long-term lease for 230,000 sq ft office space at Sky One Corporate Park in Pune.
The rentals are plateauing in the Pune market offering value driven propositions and opportunities to occupiers.
Moreover, the landlords across the city are more flexible now and open to innovative deal structuring, including incurring capital expenditure towards fit outs on behalf of occupiers. These factors are helping occupiers achieve a more cost-effective cash outflow.
Pune has been attracting large institutional funds and developers as nearly 47% of the city’s grade A office stock is directly or indirectly under the ambit of institutional funds or developers. And an additional 25 million sq. ft. is projected to be added in the next five years.
As many as 2,918 people had qualified during the online draw conducted by the civic administration in October. The PMC had received over 20,000 applications for the lottery.
A PMC official said 1,500 beneficiaries had collected challans from its office, but were yet to transfer the amount. “The civic administration had sent letters to the winners and told them to make the payment. We have told those on the waiting list to apply for the houses. They would be allotted the units, if the winners failed to complete the process by the end of Monday,” the official said.
The PMC had conducted the lottery for allotment of houses in five projects for the urban poor in areas such as Kharadi, Hadapsar and Wadgaon.
Maharashtra’s Rural Development department will undertake this project, which will include toilets and other necessary amenities.
Currently, the cost of the project has been estimated to be around Rs 4,000 crore. However, during the launch of the project, the Chief Minister has assured that funds scarcity will not be an issue.
A total of 8,82,135 houses are targeted to be built under this project by February end.
Rural development minister Hasan Mushrif, MOS Rural Development Abdul Sattar, and other offices of chief minister’s office and Rural development department were also present during the launch event yesterday at Sahyadri guest house.