New Property Developments
In Pune
Pune: Oxford of the EastFormerly known as Poona, Pune is the second-largest city in Maharashtra and the 8th-most populous metropolitan city in India, with a population 5 million+. Situated at the confluence of Mutha and Mula River, it is the administrative capital of Pune District. The city is recognized for its educational facilities, with nine universities and more than hundred educational institutes. It also boasts of a growing industrial hinterland, with several InfoTech and automotive companies setting up their factories in Pune district. Pune largely relies on its roads for transport within the city. However, it features an international airport and is connected to the rest of the country through three national highways and two railway terminals. Its proximity to Mumbai, the commercial capital of India, gives Pune that extra impetus.
Current TrendsCurrently, Pune is fast scaling up on its infrastructure front. Being a prominent automobile hub, the city has attracted major investments from domestic as well as international firms. It is also home to well-known educational institutes and is gradually paving its way towards becoming a major IT hub. In recent years, several noteworthy infrastructure development projects have been taken up in the city, including concretisation of roads, construction of a new airport, setting up of a metro-rail rapid transit system, etc. The biggest IT infrastructure project in Pune is the International Convention Centre (ICC), known as South Asia's largest composite trade and convention centre. Pune also boasts of a superb IT network, with major IT hubs in areas like Hinjewadi, Kharadi, Talawade, etc. The city is exhibiting all signs of sophistication and growth, with one of the most educated population and most disciplined workforce in India. Massive investments are flowing in to Pune from all directions and the Government of Maharashtra is making serious efforts to bring Pune at par with cities like Hyderabad and Bangalore in terms of infrastructure and industrialization.
Pune is a major industrial centre with a global presence. It is home to one of the world's largest two-wheeler manufacturers - Bajaj Auto and the world's second largest forging company - Bharat Forge Ltd.
Pune, the industrial city of Maharashtra is now considered to be one of the most progressive and happening cities of India. With suitable infrastructure for setting up industries in both the IT, BPO and manufacturing sectors, the recent years has seen an increase in foreign investments with major Indian companies also expanding their operations in the city.
- The world's biggest radio telescope - Square Kilometer Array Radio Telescope Project (NDTV) is to be set up in Pune.
- Pune has been chosen as the host for the 2008 Commonwealth Youth Games, which will be conducted from the October 12th to October 18th, 2008.
- To meet the demands of this explosive economic growth in Pune, the state is planning a 1,000 MW power plant exclusively for Pune.
- An International Convention Center (ICC) regarded as South Asia's largest composite trade and convention centre is also underway at the Senapati Bapat Road and is being constructed by Maharashtra Chamber of Commerce, Industries and Agriculture (MCCIA). This 1.2 million sq.ft structure will accommodate the ICC Trade Tower, ICC Tech Park, S L Kirloskar Convention Centre and will be equipped with shopping malls and family entertainment centers.
- An Rs 15 crore-Auto Cluster project is underway in the Pimpri-Chinchwad area of Pune, which will make the auto component industry in the region globally competitive. Under this project, a special purpose vehicle (SPV) and Auto Cluster Development and Research Institute Ltd is also incorporated.
- The construction equipment major, JCB is to set up an Rs 600-crore manufacturing facility near Pune catering to the UK-based company's Southeast Asian market, comprising Myanmar, Thailand, Singapore, Malaysia and Korea, currently handled by the UK plant.
- Pune is fast developing industries catering to biosciences, bioinformatics and genomics. To meet the demands of the emerging fields, there is a proposal for Hinjewadi Phase II project of the Software Technology Park of India (STPI), which is supposed to be called the IT-BT Park.
- Mahindra British Telecom (MBT) has signed an MOU with the state government to set up a Rs. 300 crore software development facility with employment for 18,000 professional in the STPI in Pune in the next few years.
- Pune is expected to see 11 new hotels, serviced apartments and mixed-use developments with approximately 1,600 rooms in various categories over the next three to four years. The addition to supply, although quite high, is likely to be successfully absorbed, taking into account Pune's low room base of approximately 800 rooms and a continuous growth in the city's IT, ITeS, BPO and manufacturing industries.
All these has also brought about remarkable investments in the real estate segment which has encouraging statistics of top developers operating in the city to cater to an array of clients ranging from moderate apartments to luxury and ultra premium residential extravaganzas.
The Realty ScenarioOnce a very quiet city, Pune is now setting examples for rapid growth, infrastructural excellence, real estate and IT. Being an undisputed haven for job seekers from all parts of the country, the demand for residential as well as commercial space is on a high and the city is constantly expanding from its western end, owing to the IT Hub at Hinjewadi. Although it is mainly the IT industry that drives demand for property in Pune, the student population in the city also adds to rental requirements. The two major IT hubs in Baner and Kalyani Nagar are a focus of demand.
Investment DestinationsMarked by its powerful combination of education and IT infrastructure, Pune is the second-hottest real estate destination in Maharashtra, after Mumbai. Both residential and commercial realty markets in the city are driven by these industries with the traditional automobile manufacturing industries further contributing to this trend. Pune's proximity to the commercial capital, made easy by the expressway connecting the city to Mumbai, has provided the much-needed impetus for the people looking to invest here. Property prices in areas such as Balewadi, Wakad, Bhugaon and Aundh have risen by manifold over the last few years. Some other prestigious locations in the city include Hadapsar, Viman Nagar, Koregaon Park, Baner, Undri, Kharadi, Wadgaon, Khondwa, Kalyani Nagar, etc. Residential property rates in Pune range from Rs.3000-Rs.6000 per sq feet, with expected annual appreciation of 10-12%.
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