The Office Occupier Preferences
The metro cities limitations related to availability of large areas, high rents and prices as well as lack of quality supply is rapidly getting addressed by the satellite cities emerging as the preferred locations for the commercial real-estate. Ankit Gohel lists some of the top micro markets across India.
Pune – Kharadi
Pune, a western Maharashtra district is called as the Education capital of the state. Pune is also emerging as a bright spot for the MNCs with the IT and manufacturing hub already set up in the Hinjawadi and Chakan areas of Pune. The Hinjawadi IT park, mainly known as the Rajiv Gandhi Infotech Park, is a home to a huge number of top IT companies like TCS, Infosys, Cognizant, Wipro, Tech Mahindra, Capgemini, Satyam computers, Persistent Systems, etc.It is off the Katraj–Dehu Road Bypass on the western side of Pimpri-Chinchwad in Pune.
Kharadi is located to the east of Pune city on the Pune – Ahmednagar state highway. The area has a very convenient road public transport facility.In the past few years, Kharadi has seen huge projects like EON IT Park which is one of the largest IT Park in Pune. EON Free Zone is a SEZ for IT and ITES firms and has a built up area of around 4,000,000 square feet (370,000 m2). The IT companies present in Kharadi are Synechron Technologies, Zensar Technologies, Mphasis and many more.
Kharadi has been growing due to strong economic drivers. As a result there has been a spate of residential real estate development happening in this locality. Many leading developers are active in the region such as Kolte Patil, Gera Developments and Niyati.
Since the drivers of this locality are the IT and ITES sectors, which the non-Pune population services, there is robust demand for new residential property in this vicinity. Kharadi is now a preferred investment destination after Viman Nagar and Kalyani Nagar as it has all the advantages of location near the IT and industrial hub, proximity to the airport and railway station.
Hyderabad / Telangana – HITEC City
The Hyderabad Information Technology and Engineering Consultancy City (HITEC City) is an Information Technology, Engineering, Health informatics, and Bioinformatics campus located in Hyderabad. It is spread across 151 acres of land under suburbs of Madhapur, Gachibowli, Kondapur, Manikonda, and Nanakramguda. The technology township is also known as Cyberabad, and is within two kilometres of the residential and commercial suburb of Jubilee Hills.
The Project is being developed by Larsen and Toubro Limited through its Special Purpose Vehicle, L&T Hitech City Limited, a joint venture company of L&T Infocity Limited and Andhra Pradesh Industrial Infrastructure Corporation Limited.
The Project houses multi-tenanted as well as Built-to-suit (BTS) facilities. The area comprises IT parks such as L&T Infocity, Hitech City2 SEZ, Vanenburg IT Park or The V, Mindspace Cyberabad SEZ, DLF IT SEZ, Tech Mahindra IT SEZ, TCS Synergy park IT SEZ, SEZs of Infosys, Wipro and APIIC, built to suit campuses of several major technology companies.
Some of the top office space additions in Hyderabad under construction include, 10 million sqft project of My Home-RMZ joint venture, the 5 million sqft venture of Phoenix-Embassy and the nearly two million sqft projects each of GAR Corp and RMZ.
Over 26m sqft of office space in Hyderabad will be added in the non-special economic zone segment by developers like Salarpuria, RMZ and Phoenix in Gachibowli and Madhapur. Office space projects with an area of around 17m with SEZ status will be added by developers like Phoenix-Embassy, GAR Corp, Tishman Speyer, totaling over 38m sqft by 2020.
Ahmedabad – GIFT City
Gujarat International Finance Tec-City (GIFT) is a central business district being constructed between Ahmedabad and Gandhinagar on the bank of river Sabarmati in Gujarat. The city will be built on 359 hectares (886 acres) of land.It will have a special economic zone (SEZ), international education zone, integrated townships, an entertainment zone, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and service units.
To develop and implement the project, a Joint Venture Company named “Gujarat International Finance Tec-City Company Limited” (GIFTCL) has been established between government of Gujarat through its undertaking Gujarat Urban Development Company Limited (GUDCOL) and Infrastructure Leasing & Financial Services (IL&FS).
GIFTCL proposes to implement GIFT with an eventual built-on area of 7,900,000 m2. Currently, two 29-floor commercial towers GIFT One and GIFT Two have been completed.
Hiranandani Signature’ in the SEZ zone of GIFT City offers 4.2 million square feet of office spaces.World Trade Centre has been allocated one million square feet space being constructed by Viridian RED. The other key names include Prestige Group (BUA- 0.3 Million sqft), ATS Savy (0.4 million sqft BUA), Reliance (0.5 million sqft BUA) and Brigade Group (0.5 million sqft BUA).
Gurugram in Haryana is a part of the National Capital Region of India. It has become a leading financial and industrial hub with the third-highest per capita income in India. Gurugram has the presence of about 250 of the Fortune 500 companies. It is popularly known as Millennium City.
Apart from Business process outsourcing and IT sectors, the city is home to several international companies namely, Siemens Industry Software,Coca-Cola, Pepsi, BMW, Agilent Technologies. The city also has 26 shopping malls. DLF Cyber City commercial hub in Gurugram is the top preference of domestic and international occupiers. Due to superior infrastructure and quality office spaces, DLF Cyber City has witnessed 12% y-o-y rental growth. The micro market holds 9% share in the total office space absorption in Q2 2017.
Bengaluru – Old Madras Road
Bangaluru is coined as the “Silicon Valley of India” or the “IT capital of India” as it is the nation’s leading information technology (IT) exporter.The headquarters of several public sector undertakings such as Bharat Electronics Limited (BEL), Hindustan Aeronautics Limited (HAL), National Aerospace Laboratories (NAL), Bharat Heavy Electricals Limited (BHEL), Bharat Earth Movers Limited (BEML), Central Manufacturing Technology Institute (CMTI) and HMT (formerly Hindustan Machine Tools) are located in Bangaluru.
It is also home to several research and development centres for many firms such as ABB, Airbus, Bosch, Boeing, GE, GM, Google, Microsoft, Mercedes-Benz, Nokia, Oracle, Philips, Shell, Toyota and Tyco. Bangaluru’s IT industry is divided into three main clusters – Software Technology Parks of India (STPI); International Tech Park, Bangaluru (ITPB); and Electronics City. UB City, the headquarters of the United Breweries Group, is a high-end commercial zone.Enhanced connectivity via the Outer Ring Road (ORR), proximity to the international airport and quick access to the Central Business District drive property values here.