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Property Transition
Pune
Pune – The Twin City!
The Real Estate market in Pune has undergone a major transformation from being a pensioner’s paradise to a much sought-after destination for IT company set-ups as well as residents to settle down. It offers an eclectic mix of cosmopolitan crowd coupled with good old tradition. Pune which has risen as the IT, research and academic destination of India, apart from being a major industrial belt is seen as the numero uno in terms of real estate investments.

Quantifiable Growth
Pune has witnessed tremendous activity in the residential sector. Recent studies reveal that the residential market, currently at 72,000 flats annually, is anticipated to grow at the rate of 20% annually with the highest demand for 2 and 3 bedroom flats, followed by 1-bedroom. Exploiting this opportunity to the maximum, several reputed Pune developers such as Kumar, Magarpatta, Panchsheel, Nyati, Kolte Patil and others have joined the race to develop township projects. The Magarpatta exemplifies this trend, and is spread over 400 acres with IT, residential and retail developments all built together.

Commercial Real Estate Growth
The market size of the commercial segment stands at INR 307.44 crores, comprising of 9% of the total real estate market in Pune.

Commercial Real Estate Growth in Pune


Real estate services firm Cushman Wakefield has reported that real estate prices in Pune have risen by 10-25% in a year overall and by as much as 50-70% in select areas. Growth of the IT/ITES sector has been driving up prices particularly in areas near the Hinjewadi IT Park. The IT/ITES sector has been expanding rapidly in Pune driving demand for both commercial as well as residential real estate. IT major Infosys recently announced the opening of the first of two new buildings at Hinjewadi.

Developing areas in Pune
Kharadi, in the east of Pune, is an up-and-coming area owing to its proximity to Kalyani Nagar and Koregoan Park, attracting several IT companies and real estate developers. Recently, Citigroup and Gera developers announced a Joint Venture to develop an INR 550 crore residential and commercial property in Kharadi. Other areas experiencing significant real estate growth include Wakad, Pimpri-Chinchwad – the predominantly industrial area of Pune.

With real estate prices increasing, the consumer price index in Pune has increased from 467 points to 504 points during July 2005-2006, the highest increase of seven cities including Delhi, Mumbai, Hyderabad, Bangalore, Ahmedabad, Chennai and Kolkata.

Pune is the next hotspot after Bangalore, and has emerged as one of the most preferred destinations for all major IT /ITES and BO investments for Indian as well as MNCs. The IT/ITES spurt has led to a demand for commercial space of 1.2 millions square feet annually.

Hence, Pune has emerged as a hot destination for real estate investors and is regarded as a vibrant corporate city on account of various aspects such as

  • Wide range of population
  • Proximity to the Business Centre of India – Mumbai
  • Availability of educated population
  • Propitious and ample scope for further development


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