Pune builders enter incubation space

Feeling the pulse of aspiring entrepreneurs in information technology (IT) and other sunrise technology fields, the Pune's real estate developers are earmarking some space for them in the upcoming commercial complexes.

"Incubation facility is an integrated service provided to start up businesses and ensure growth and expansion," said Lalitkumar Jain, chairman and managing director, Kumar Builders.

Kumar Builders has reserved around 1,00,000 sq ft in IT Park project "" Cerebrum "" to provide incubation facility. "The requirement for such space is usually up to 10,000 sq ft, but with more space we can accommodate quite a few such units," he said.

Gigaspace IT Park is also offering 15,000 sq ft incubation facility to three companies setting up their base in Pune. Johnson & Johnson, Integrated International Company Ltd and Affiliated Computer Systems will use the ready-to-use offices in the first phase of the IT Park.

"We have 15,000 sq ft of incubation facility in the first phase of Gigaspace IT Park. The IT park has over 3,00,000 sq ft area. In the second phase, covering 4,00,000 sq ft, we plan to have 30,000 sq ft incubation facilities," said Hitendra Chaudhari, senior manager (corporate solutions), Kolte Patil Builders.

"Even though such properties attract 10-15 per cent more rental, the holding cost increases for the builders. The demand for readymade facilities for a short-period lease, 3-10 months, is high," added Chaudhari.

The group also plans 30,000-50,000 sq ft building in Hinjawdi, exclusively for incubation facilities. The company regularly gets inquiries for 1-1.5 lakh sq ft ready-to-use space, said Chaudhari.

In fact, incubation is not restricted to offering ready-to-use space for start-ups. It includes technical, financial and marketing support.

While VCs offering financial or business expertise, builders are offering temporary readymade facilities to fulfill immediate requirements of space. Apart from VCs and builders, corporates are also providing incubation facilities to promote R&D.

For example, National Chemical Lab (NCL), which has recently set up 10-acre NCL Innovation Park, is ready to provide a 10,000 sq ft venture centre for start-ups working in similar areas.