K Raheja Corp and Aditya Shagun Developers plan to develop a 3-million square feet Grade-A integrated IT Park in Pune’s Balewadi area and have completed a land transaction for this. The deal was facilitated by JLL India, a real estate consultancy firm.
In a statement, JLL said that the proposed development is in the northwestern corridor of the city, strategically located close to the upcoming metro station at Baner Road. It is close to both Baner and Aundh localities. The project is an endeavour to contribute to the Smart City initiative at Baner and Balewadi, the company said in a statement.
Balewadi has seen rapid growth in terms of social infrastructure over the years. It offers easy access to several residential, office and retail developments along with hotels, hospitals, schools and more, making it an attractive destination, said the company in a statement. Where as both Baner and Aundh Both are developed loaclities situated on the north western tip of Pune near Mumbai Pune Expressway.
“Pune witnesses approximately 6 million square feet of gross absorption on an annual basis, and the annual demand in this micro market is approximately 1.5 million square feet. With increasing demand, there is a lack of availability of large campuses in the micro market and corporate occupiers have been eagerly awaiting quality real estate supply,” said Sanjay Bajaj, managing director, Pune, JLL.