Real estate markets of Pune, the sister city of India's commercial capital Mumbai is sitting on a trajectory of growth. Though, the city has been the centre of attraction for the past several years, property markets have especially taken a cue with Indian economy charting high growth rates, on the fronts of its burgeoning services and manufacturing sector.
Commercial real estate in Pune
Commercial properties at the western corridor of Pune are buzzing with real estate activities. Near about all the large IT companies of India including Infosys and Wipro have opened their software development facilities in the area. International IT and ITes giants are also scouting for commercial property in the area quite aggressively.
Basically, this emerging picture at the peripheral locations of Pune started with the construction of Rajiv Gandhi InfoTech Park at Hingewadi. The successful completion of the project not only established Pune among the most sought after locations for technology majors but also catalyzed the commercial real estate scenario in the city.
Residential real estate in Pune
As per the industry estimates, Pune would need as many as 40,000 residential properties every year to meet its housing requirements.
To tackle the same, the Maharashtra government has now given approval to private real estate developers for establishing fully integrated townships in Pune, under the Public Private Participation (PPP) model.
In view of leveraging this opportunity, Pune-based real estate developer City Group has come forward with its ambitious residential township project 'Amanora Park Town', the first one after the government's declaration.
Under this flagship project, the government would be supplying land to the property developer, who in turn will build up all the infrastructure comprising residential units and commercial properties. The developer will also be entrusted with the responsibility of erecting the social infrastructure encompassing healthcare centres, educational institutions, and entertainment facilities.
Growth Drivers
Demand for house on rent in Pune is equally driven by employees and students, who come to pursue their studies at this city complemented by quality educational institutions.
'The local economy of Pune is developing quite impressively and thousands of people settle down in the city every year, owing to job opportunities in the city. This really keeps the demand factor for rental homes in Pune in rolling,' said Shad Ali, a city-based property dealer.
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