Monthly Real Estate Monitor Pune March 2013

By JLL India

Residential:

In February, demand for residential units continued to remain stable. Major launches in this month included Emirus, a high-end category project by Kundan Mehta Associates at Baner and Royal One, an upper-mid category project by NSG Group at Pimple Nilakh. Capital values remained stable across all submarkets.

Residential	Rents	Capital Value
Key Areas	RS. per month for a 1,000 sq ft two-BHK apartment	RS. per sq ft
Wakad	10,000 to 12,000	3,800 to 4,800
Kharadi	11,000 to 15,000	4,500 to 5,300
Hadapsar	12,000 to 16,000	4,500 to 5,500
Hinjewadi	9,000 to 11,000	4,000 to 5,000
Undri	9,000 to 12,000	3,500 to 4,500
Pimpri-Chinchwad	8,000 to 12,000	3,500 to 4,500

Office:

Pune continued to witness healthy leasing activity during February. IT / ITeS firms accounted for most of the gross leasing volume in the city and dominated the transactions. The eastern part of the city became active, with most of the major transactions taking place in the area.

Office	Rents	Capital Value
Key Areas	RS. per sq ft per month	RS. per sq ft
Hinjewadi	32 to 40	4,000 to 5,000
Hadapsar	40 to 50	5,000 to 6,000
Bund Garden Road	60 to 70	6,500 to 7,500
Viman Nagar	50 to 60	6,000 to 7,000
S.B. Road	55 to 75	6,500 to 7,500
Koregaon Park	60 to 70	6,500 to 7,500

 The prominent transactions during the month included AXA leasing space in Marvel Edge at Viman Nagar, TCS renting space in Commerzone at Yerwada and Allianz taking space in Eon Free Zone at Kharadi. No fresh supply of office space came on stream. Rents and capital values remained stable over the month.

Retail:

Leasing activity in malls of Pune remained sluggish in February. Pune’s organised retail stock remained unchanged with no new completions recorded.

Retail	Rents (High Streets)	Capital Value
Key Areas	RS. per sq ft per month	RS. per sq ft
MG Road	100 to 150	10,000 to 15,000
Bund Garden Road	90 to 130	9,000 to 13,000
F.C. Road	100 to 150	10,000 to 15,000
J.M. Road	100 to 150	10,000 to 15,000
D.P. Road	90 to 130	9,000 to 11,000
S.B. Road	80 to 130	8,000 to 11,000

 However, Season's mall, located in Hadapsar, is likely to hit the market in the next 3 to 5 months. Rents and capital values remained stable across all submarkets.

INFRASTRUCTURE ONGOING..!

 Lavasa Corporation Ltd with Apollo Group and the hospital chain, have planned for a ‘medicity’ project at Lavasa, the planned city that is being developed near Pune.

The project cost has been estimated at approximately RS. 3 to 4 billion. This joint venture development between Lavasa and Apollo is to be taken up at Mugaon, the second town that is being developed near Dasve (within Lavasa).

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