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Pune
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Project Highlights
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Location
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: Pune
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Type
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: Mixed use - Retail, IT Park (Non-SEZ)
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Development
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: 0.6 million sq. ft.
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Completion
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: Mall - Completed; Commercial - On hold
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Project Summary
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The city's well-developed infrastructure, expressway connection to Mumbai (located just two hours away), and large industrial areas situated in the vicinity, make Pune an attractive location for a range of companies including IT, ITES, BPO companies. This mixed use development consists of plans to develop a c.546,000 sq. ft. shopping centre which was opened in March 2011 and c.97,000 sq. ft. commercial space, currently on hold.
Aggregate area let or terms agreed at this project stands at c.498,000 sq. ft., representing c.91 per cent of the retail space c.84 per cent of the retail area is currently trading. As on 30 September 2011, rent had commenced on c.456,000 sq. ft. Given the limited demand for IT space in this micro market, the development of the commercial space has been reduced from c.0.19 million sq. ft. to c.0.09 million sq. ft.
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