By Soniya Gaonkar on Sep 2, 2021 7:17:53 PM
The construction or the real estate industry is one of the most important segments of the national economy. The players or the developers of the arena deals with construction of new buildings that could be either residential in nature or they could be commercial in their designs and purpose. In both the contexts these projects brings about a massive development for the economy as a whole. They generate an enormous scope of employment for the people of the nation and at the same time they also offer development of new facilities in an area.
People get new homes for themselves and in the commercial arena the corporate brands gets spaces to establish their commercial outlets. Hence the construction industry brings about developmental opportunities for the country and its people in more ways than one.
The outbreak of the Novel Corona Virus has been an unprecedented event in the history of mankind. Te world has never seen a calamity of this magnitude that has threatened the planet as a whole. This new virus have not only challenged and taken away millions of human lives but it has effectively large parts of the global economy. Very few industries have managed escaped unscathed by the ravages of this new virus. Naturally the real estate builders in Pune their industry have been considerably hit, as is the case in every other part of the nation.
Pune Real Estate Before Pandemic
Before the outbreak of the pandemic the situation for the construction industry and the segment of real estate development had been rather rosy in Pune. The city had witnessed the launch of several major and large scale construction and real estate development projects in its various parts. These projects not only came up in the heartland of the city but even in the suburbs of Pune.
The development of the city scape not only on all sides but even the industrial suburban region have been one of the main reasons that successfully attracted the attention of some of the biggest real estate developers of the state. Further the economic condition in Pune has been rather favorable for this industry. Since the beginning of the 1960s the city had witnessed rapid rates of industrialization. In the current times with the establishment of the IT hubs the economic condition and the per capita income of the city and its people have seen a further growth.
All these factors and more have been rather instrumental that have helped in the growth of the construction industry in Pune. However all of this has been the picture before the advent of the COVID-19.
Commercial Real Estate Market In Pune Post Pandemic
Prior to the outbreak of the virus or the pandemic the commercial market in Pune has been a rather promising one. The leasing activity in the commercial property in Pune was highly encouraging during 2019. However soon in April – June months of 2020 there was a huge dip in business due to the lockdown. Te pandemic affected a vast majority of companies across the nation and hence also in Pune. This led them to reconsider their own capital expenses such as office lease and rent amounts. Leasing of commercial real estate Pune was down by 70%.
The companies who still retained their investment into these leased properties were the banks, the financial service companies, IT firms, product companies and the co-working space providers.
The global pandemic has brought about serious changes in the way the commercial decision makers are thinking and acting. As compared to what work life have been in the past, in the current times it will be a lot different. As compared to the earlier concept of office now after the outbreak of the pandemic this idea or concept will undergo a considerable alteration.
Now the managements of corporate brands will look for a more distributed and remote teams working from them. Instead of their physical presence within the office premises now the managements will be looking forward to working with teams who are even though at a distance but are connected through ace technology. The virtual platforms will be used to create a body of workers who could be sitting in different parts of the country at the same point in time.
The situation from what it had been seen the outbreak of the virus in early 2020 is quite different. Soon after the mid of 2020 markets and the economy slowly began to open and the markets began to come back to it s former glory. Although complete renewal of the older business velocity could not be reclaimed as of now, the market is opening slowly and is coming back its normal work pattern. In the times to come although a majority of corporate brands will look for remote and distributed workforce but at the same time offices are slowly opening up and the employees are slowly returning back to these offices.
Pune Commercial Real Estate Market
The Pune commercial real estate market exhibits the fact that corporate managements are looking for properties in areas that offers facilities of a premium location. This is exactly why the top rated locations of Pune which offers great connectivity with the other areas, options of ample residential locations in the nearby vicinity and other facilities are being favored. This is a trend which is likely to be continued even in the future.
Kohinoor World Towers
The Kohinoor World Towers is one of the premium commercial properties that have been developed by the Kohinoor Group Pune. This property has been developed on a sprawling area and consists of 5 towers in totality. Each tower has 12 floors that hold commercial properties of various scales. The property is meant to be occupied by brands of different types, scales and from different industry. The property also has other attractions like a super security service, spacious parking options, a cafeteria zone and so much more.