Pune's IT exports double to Rs 1.05 lakh crore in 5 years, GCCs surge: Report

New Delhi, Sep 11 (IANS) Pune has captured 13 per cent of India's 'Grade A' office stock in the supply pipeline, on the back of the city's IT exports that doubled in five years, a report said on Thursday.

The city's real estate market has become a commercial real estate hotspot as it emerged as India's third-largest software export hub, with IT exports doubling in five years to Rs 1.05 lakh crore, according to a report from real estate services firm JLL and NAREDCO.

The city's 'Grade A' office stock in the supply pipeline totals 223 million square feet, expected to be unlocked by the end of 2028.

The IT sector contributes 23 per cent to the city’s GDP while manufacturing continues to flourish across MIDC industrial clusters, the report added.

The city currently has 89.2 million square feet of operational Grade A office stock. Further, Pune is home to over 360 Global Capability Centres (GCCs) across BFSI, manufacturing, and technology -- enhancing its resilient and diversified ecosystem.

Grade A office spaces command rents averaging Rs 82.3 per sq. ft per month—a compelling 14 per cent discount to the national average.

"Apart from pricing, lower traffic congestion and superior connectivity create an irresistible value proposition for enterprises optimising their real estate portfolios," said Sanjay Bajaj, Senior Managing Director, Pune, Executive Oversight (Logistics and Industrial), India, JLL.

"In Pune infrastructure expansion, demographic advantages, and economic diversification converge to forge a blueprint for sustainable metropolitan prosperity," Sanjay added.

Adding to this, the anticipated addition of 0.4 million new employees over the next five years is pushing up the residential real estate market as well

"Comprehensive road networks and metro connectivity that will seamlessly link residential, commercial, and industrial zones add to the allure," said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.

Almost 97 per cent of office supplies set to be released in the next three years are green-certified, in line with the nation's sustainability objectives, the report said.

--IANS

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