The transformation has cemented Pune’s position as India’s third-largest software export hub, second only to Bengaluru and Hyderabad. The report highlights that this growth has been supported by a thriving Global Capability Centre (GCC) ecosystem and a resurgent manufacturing base, together propelling the city’s GDP growth to 8.3%.
GCCs drive diversified demand
Over 360 operational GCCs have made Pune a magnet for global corporations. Unlike other tech-heavy markets, Pune’s GCC base is more evenly diversified: BFSI accounts for 30%, manufacturing for 26%, and technology for 21%. This spread has made the city resilient to sector-specific downturns and created sustained demand across critical research, development, and innovation functions.
The SBD East zone, spanning Kalyani Nagar, Yerwada, Viman Nagar, Kharadi, and Hadapsar, has captured 70% of GCC demand since 2021. This concentration has driven not only office leasing—56% of total activity in the city—but also the growth of premium housing and supporting social infrastructure.
“Pune represents more than growth—it embodies India’s most strategically balanced urban success story. Here, infrastructure expansion, demographic advantages, and economic diversification converge to create a blueprint for sustainable metropolitan prosperity,” said Sanjay Bajaj, Senior Managing Director, Pune, JLL.
Office market at inflection point
The city’s Grade A office stock stands at 89.2 million sq. ft and is expanding quickly. Pune commands 13% of the pan-India pipeline of 223 million sq. ft expected by 2028. Rents average ₹82.3 per sq. ft per month—14% lower than the national average—making it a cost-efficient destination for corporations looking to expand.
The affordability of commercial real estate, coupled with lower congestion and improving connectivity, is making Pune a compelling option for occupiers seeking value without compromising on quality.
Manufacturing renaissance
Beyond IT, Pune’s industrial ecosystem continues to thrive. The city has added 14,550 new industrial and commercial units in its MIDC clusters post-COVID, accounting for 25% of Maharashtra’s total. Between 2020 and 2024, Pune registered nearly 9.25 lakh MSMEs—the highest in the state—creating employment for over 55 lakh people.
The warehousing and logistics sector reflects this momentum. With 66 million sq. ft of operational stock and another 55 million sq. ft planned by 2028, absorption levels are expected to keep pace, signaling healthy demand and sustainable rental growth.
Residential market balances affordability and premiumisation
The city’s residential market has kept up with its job-creation engine. Home sales have more than doubled compared with the pre-pandemic period, while project launches have increased 2.4 times.
High-end clusters such as SB Road, Shivaji Nagar, and Koregaon Park cater to luxury buyers, while emerging belts in Pimpri-Chinchwad, Tathawade, and Ravet offer affordable options for the growing workforce.
“Looking ahead, the anticipated addition of 0.4 million new employees over the next five years validates the residential market’s long-term growth trajectory and ensures sustained housing demand across multiple segments,” said Dr. Samantak Das, Chief Economist and Head of Research, JLL India.
Sustainability and infrastructure push
Sustainability has become a defining feature of Pune’s office landscape. Nearly 61% of its total stock—54.8 million sq. ft—is green certified, and 97% of upcoming supply over the next three years is expected to follow suit.
Massive infrastructure upgrades are set to reinforce the city’s appeal. Projects include the 83-km Ring Road, metro expansions linking key residential and commercial hubs, and the Pune Riverside Road connecting Kharadi to the city center. Proximity to the upcoming Navi Mumbai International Airport, within a 60–75 minute drive, is expected to further strengthen Pune’s positioning as a corporate and residential hub.
Emerging sectors and future outlook
Complementing its IT and manufacturing base, Pune is seeing growth in student housing, co-living, retail, and data centers. With more than 6.6 lakh higher-education students, the student housing market has immense potential. The co-living segment, catering to millennials and young professionals, already hosts more than 3 lakh shared rental units.
Retail real estate is moving towards experience-driven formats, with premium malls commanding rents nearly double that of standard spaces. Meanwhile, Pune’s data center capacity stands at 119 MW across nine assets with a 98% occupancy rate, expected to grow to 164 MW by 2027.
“Pune’s transformation into one of India’s premier economic engines is underpinned by a globally integrated IT-services-manufacturing ecosystem, strong educational infrastructure, and sustained migration. The real estate sector must now become a strategic enabler of this growth,” said Bharat Agarwal, President, NAREDCO Pune and Chairman, Kasturi Housing.
As IT, manufacturing, and infrastructure converge, Pune is positioning itself not just as a beneficiary of India’s growth story, but as a blueprint for how balanced, sustainable urbanisation can shape the country’s next decade.
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