K Raheja Corp & Gera to Develop 3.5 Million Sqft IT SEZ
Leading international property consultancy JLL India today announced the successful forging of a partnership deal between K Raheja Corp and Gera to develop and operate a prime 30-acre land parcel in Pune’s IT hotbed Kharadi. The land parcel will be developed into an ultra-modern IT SEZ under the Gera Commerzone banner, and will yield 3.5 million sq ft of leasable space.
Sanjay Bajaj, Managing Director – Pune, JLL India said, “This IT Park will go a long way in meeting Pune’s massive pent-up demand for Grade A office spaces in the Information Technology segment. Against the supply of 4.8 million sq.ft. of Grade A office spaces which Pune received in 2015, 4.7 million square feet were absorbed. IT/ITeS is the city’s biggest contributor to prime office space absorption as well as employment generation. Pune has to date been Maharashtra’s strongest performers after Mumbai in terms of IT/ITeS-spurred growth.”
The announcement of this major IT SEZ aligns favourably with Maharashtra’s new IT Policy, which provides various significant incentives and exemptions to IT/ ITeS companies and developers of IT parks. Kharadi, one of the most important IT/ITeS locations in Pune, is home to major global IT and business process outsourcing companies. IT-centric developments have given a strong boost to employment in Pune’s North-East sub-market, also resulting in rapid residential growth.
The Kharadi-Hadapsar-Nagar Road micro-market has witnessed very healthy y-o-y growth, and demand for prime office spaces in this market will continue to outstrip supply over the next few quarters. The Eastern corridor of the city has been witnessing maximum demand from occupiers due its proximity to the airport and the excellent social infrastructure in the vicinity.