When people come to Pune, they are caught up in the cultural splendour of the city with military embankments and forts and grand old museums. The sobriquet, “cultural capital of Maharashtra” does seem to fit this wonderful, old city. Why is there so much excitement within the glamour of the city?
Wonderful hilly location
One of the largest cities in the country, Pune is situated in a hilly location. The mean altitude of the place is 660 metres and the place is a veritable paradise for trekkers and holiday makers. The population is 6,2815,555 and is one of the most populous cities. There are many palaces, gardens, museums, and other places of tourist interest in the city.
Good for investments
This city catches the interest of the investors for assorted reasons. One of them undoubtedly is the wealth of industries and institutions that are present here. It has many top educational institutions that has earned it the title, “Oxford of the East”. More importantly, the rise in the land value is steady and being a developed area, there is much reason for the investors to feel happy.
The prices of offices and commercial institutions are on the rise and the GDP is rising along with it. In fact, the GDP growth is the fastest in the country raising expectations that the city would soon attain Class A status. The GDP is expected to reach Rs 18 lakh by 2025 while it was Rs 5.4 lakh back in 2010. In fact, the growth rate is the highest in the entire Asia-Pacific region, not just in India.
More need for office space
This high progress rate has created much demand for office space in Pune. The land buy rates are now in the Rs 3,452 – Rs 5,432 per square foot range and the rental price is between Rs 5,432 – Rs 14,567. The higher price is for the homes with more rooms. Offices are in much demand due to the shortage of space and the rapid growth of businesses.
Plenty of natural beauty
You can see the natural splendour of the city in the hill stations situated on the outskirts. These are the twin hill stations of Lonavala (famous for its chikkis) and Khandala. There are dams here with backwaters from the dams creating a wonderful spot for sightseeing and picnicking. Among the gardens, the most noteworthy ones are Osho garden and the Pu La Deshpande gardens.
Need for office space
There is a need for developing offices in Pune. The demand has created a shortage of office space leading to escalating prices. The businesses obviously cannot afford these prohibitive costs. The building owners therefore resorted to another method of bringing the costs down. They created the shared office in Pune. This type of office is revolutionary in that it is not an office that belongs to one specific firm alone. The office building is shared by two or more businesses. Let us say, that the building office space is 4,000 square feet. The owner of the building lets out the office space to three firms each of them taking 1,400 square feet, 1,500 square feet, and 1,100 square feet.
If the owner were to close the deal without creating a shared office space, he would only get the rent on his first office rental, that is for the 1,500 square feet of office space. He would lose the rent he gets from the other two.