Pune IT Market is Saturated?

Lately, I've been seeing a lot of new corporate buildings getting inaugurated but even with very reputed workspace providers like SmartWorks and WeWork, offices are mostly vacant. Those occupied are occupied by very small scale companies. Apart from old occupied buildings, most buildings I see around Baner, Balewadi, Hinjewadi are empty. Very few new companies have come in recent years and lot of them seem to have stopped the expansion here. Also, there's limit to the pay which is very less compared to Bangalore, Hyderabad and Gurugram. I also have heard that some companies left because of political hurdles and infra issues in the city. Does that mean that Pune IT market won't grow as expected?