Hines makes its foray into Pune office market with Goel Ganga Corporation

12 Jun 2021 CW Team

International real estate firm Hines has announced a strategic entry into the Pune office market through a partnership with Goel Ganga Corporation.

Hines will plan for a 43-acre proposed IT park in Kharadi, nearly 7 million sq ft. The first phase of development will be a 2.4 million sq ft of Class A office space.

The Managing Director, and India's country head of Hines, said they share a long-term vision and believe that this project will be an ideal office for the future tenants.

The Chairman and Managing Director of Goel Ganga Corporation, Amit Goel, said that their vision is to create a benchmark in commercial, IT, ITES assets for over 20 million sq ft. They are delighted to partner with Hines to create a benchmark like the ones created in other parts of India and worldwide. They believe that a local-global partnership can be beneficial for the project, which neither can do alone successfully.

Cushman & Wakefield's Managing Director, Saurabh Shatdal, added that they are happy to make a deal where both the partners will get benefits from each other's strengths and experience to create the landmark project in Pune. The Kharadi office market is a location of choice and occupiers want a high-quality campus, which Hines can build on Goel's land.

The land is situated in the SBD East sub-market of Pune. It has more than 50% stock of Class A offices in Pune at the lowest vacancy rates in the city. The SDB East has the highest annual absorption, and it is one of the fastest-growing office markets in Pune. It is one of the preferred destinations for IT, ITES, and BFSI tenants. The project is well-connected with other major micro-markets of East Pune through Ahmednagar Highway and Kharadi Bypass Road.

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Also read: 7,400 office leases of 90 million sq ft up for renewal in top 6 cities in 2021

Also read: Office market in Delhi maintains its momentum in 2021

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