Pune Real Estate Market, Rising As Best Bet For Real Estate Investment

Pune Real Estate Market, Rising As Best Bet For Real Estate Investment

The city of Pune has witnessed an enormous change over the last decade.Approximately 150 km.east of Mumbai,it is the second largest city in the state of Maharashtra and the 8th largest urban agglomeration in India.In recent years,real estate development across the city has geared up to keep pace with changes in demand.The past few years have witnessed an increased residential demand that spread across all income categories and various locations,specifically toward the eastern and western periphery.
North Pune has evolved as an industrial area with various Auto and Auto Ancillary and Engineering industries dominant here.Pimpri and Chinchwad in the north are host to some of India’s leading auto companies’ manufacturing plants such as Bajaj Auto,Tata Motors,Force Motors and Daimler Chrysler.Additionally,engineering majors like Thermax,Forbes-Marshall,Thyssen Krupp and Alfa Laval also have their manufacturing base here.North Pune has always been a self sufficient zone with the residential market thriving on the employment generated by the manufacturing sector.Pimpri,Chinchwad,Nigdi and Moshi are some of the prominent residential destinations here.
Central Pune is the oldest part of Pune and also its commercial heart with various corporate offices located in the Central Business District (CBD) areas of Bund Garden Road,M.G Road,Deccan and Shivaji Nagar.The best physical and social infrastructure,presence of organized retail,excellent connectivity with various parts of the city and limited availability of vacant land have ensured its standing as the most premium micro-market of the city.Destinations such as Koregaon Park,D.P Road,Model Colony and Kothrud are among the primary residential areas here and command the highest residential prices in Pune.
Over the years South Pune has developed as a cheaper alternate residential zone compared to Central Pune.People preferring to reside in proximity to the city centre but unable to afford a house there,favour this micro-market.However,the absence of any significant employment opportunities has restricted the growth of this micro-market as compared to others.Katraj,Kondhwa,NIBM Road and Warje are some of the major residential destinations here.
Large number of IT/ITeS offices,robust physical and social infrastructure,established organized retail market,presence of the Pune airport and good connectivity with the city centre have resulted in East Pune emerging as the most preferred residential zone over the last decade.The growth of Magarpatta City as a successful self-sustaining integrated township and setting up of EON IT Park have further boosted the residential market here.However,the emergence of Hinjewadi in West Pune as an alternate IT/ITeS destination has given corporates an alternative that rivals the best options this eastern micro-market has on offer.A lot of blue chip IT/ITeS companies,prefer Hinjewadi over East Pune due to the availability of vast vacant land on which built to suit (BTS) offices can be constructed for captive use.Although East Pune continues to attract small and mid-sized IT/ITeS companies,most of the larger players are setting up campuses in West Pune.
The rapid evolution of Hinjewadi as an IT/ ITeS destination has led to an unprecedented growth of the western part of the city in the last ten years.Residential locations in close proximity to Hinjewadi such as Aundh,Baner,Pashan and Wakad have immensely benefitted from the large number of IT/ITeS jobs created here.Availability of large tracts of vacant land at affordable prices and excellent road connectivity with the city centre have set this micro-market on a steep growth trajectory.
Source: Pune TOI
Residential Traction by
Knight Frank India.


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