Pune Emerges as India’s Most Diversified GCC and Industrial Powerhouse

Pune’s IT exports double to INR 1.05 lakh crore in 5 years; GCCs & manufacturing are the double engines for delivering 8.3% GDP growth: JLL

Over 360 operational Global Capability Centres (GCCs) drive diversified growth with BFSI (30%), manufacturing (26%), and technology (21%) creating sector-resilient demand across critical R&D and innovation work streams. The city’s strong job creator status is reflected in its population growth of 33.3% over the past decade—3X higher than the national average. The city’s share of 9-10% in India’s office leasing market and substantial manufacturing base has created sustained demand runway for other asset classes.

Pune’s office market is in a transformative state. While 89.2 million sq. ft of Grade A office stock is currently operational, Pune also commands a significant 13% share of the pan-India’s upcoming office supply pipeline, which totals 223 million sq. ft expected by the end of 2028, according to the JLL-NAREDCO report titled “Pune through the real estate lens: Calibrating for growth,” released today. This substantial pipeline positions the city as a critical expansion destination for corporations seeking quality workspace solutions at competitive rates.

“Pune’s remarkable transformation exemplifies India’s urban evolution in motion. From its origins as a traditional manufacturing center, the city has emerged as a formidable economic powerhouse where IT exports have more than doubled—surging from INR 50,000 crore to INR 1,05,000 crore over five years—cementing its position as India’s third-largest software export hub. With over 360 operational Global Capability Centers (GCCs) now headquartered in the city, Pune exemplifies how strategic economic diversification drives enduring value creation. The IT sector contributes 23% to the city’s GDP while manufacturing continues to flourish across MIDC industrial clusters, creating a robust dual-engine economy. This balanced economic foundation translates into attractive real estate fundamentals. Grade A office spaces command rents averaging INR 82.3 per sq. ft per month—a compelling 14% discount to the national average. Combined with significantly lower traffic congestion and superior connectivity, this pricing advantage creates an irresistible value proposition for enterprises optimizing their real estate portfolios. 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 forge a blueprint for sustainable metropolitan prosperity," said Sanjay Bajaj, Senior Managing Director, Pune, Executive Oversight (Logistics and Industrial), India, JLL.

“Pune's meteoric rise from a regional IT hub to India’s third-largest software export powerhouse commanding 13% of the nation’s office pipeline—demonstrates how strategic diversification creates unstoppable momentum. With several operational GCCs spanning BFSI, manufacturing, and technology, Pune has redefined what it means to be a resilient commercial ecosystem. The city’s residential market is also witnessing a very distinct premiumization trajectory, while entry-level housing has managed to maintain a meaningful presence. Looking ahead, the anticipated addition of 0.4 million new employees over the next five years, supported by substantial commercial space supply and robust demand projections, validates the residential market’s long-term growth trajectory and ensures sustained housing demand across multiple segments. All this transformation is being anchored by massive infrastructure development at scale, encompassing both comprehensive road networks and metro connectivity that will seamlessly link residential, commercial, and industrial zones,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.

“Pune’s transformation into one of India’s premier economic engines is underpinned by three critical pillars: A globally integrated IT-services-manufacturing ecosystem, robust educational infrastructure, and sustained employment-led migration driving housing demand at unprecedented scale. As we navigate this defining growth trajectory, the real estate sector must evolve from being merely transactional to becoming a strategic enabler of metropolitan development. The convergence of regulatory certainty, environmental sustainability mandates, and infrastructure integration presents both an opportunity and a responsibility to establish Pune as India’s benchmark for planned urban expansion. Through collaboration between NAREDCO, policymakers, financial institutions, and developers, we are positioning Pune’s real estate sector as not just a beneficiary of growth, but as the foundational framework that will determine whether our city achieves its potential as India's model metropolitan region for the next decade of urbanization,” said Bharat Agarwal, President, NAREDCO Pune and Chairman, Kasturi Housing.