Changing the game of Realty
Pune is the second largest city in Maharashtra after Mumbai. The city has a strong economic profile due to the growing presence of multinational companies across diverse industries, which is the main reason behind Pune witnessing growing urbanisation. It has also led to a growth spurt of 34.28 per cent over the last decade. The administration of Pune is divided into 14 talukas or territories. Except for the Pune city, all talukas come under the jurisdiction of 11 municipalities and 13 panchayat amitis. Pune is divided into two municipal corporations—Pimpri- Chinchwad and Pune, and three cantonment boards—Pune, Khadki and Dehu Road. The newly-formed Pune Metropolitan Region Development Authority (PMRDA) is looking to prepare a development plan for the city in the next one year. Pune is connected to Mumbai via the Yashwantrao Chavan Mumbai- Pune Expressway—a high-speed, six-lane highway that has reduced the travel time to just two hours. Besides, the upcoming 90-metre wide Ring Road will provide connectivity between the Pune Municipal Corporation and the neighboring Pimpri-Chinchwad Municipal Corporation and is expected to boost infrastructure development. Pune is also central to traditional Marathi culture, where education, arts and crafts, and theatre are promoted. Pune has one of India’s oldest universities and its numerous colleges attract both Indian and international students, which is probably why it is called Oxford of the East.
Development push
Pune is a growing IT sector hub and boasts of presence of big names like TCS, Infosys, Wipro, Cognizant, etc. Due to this, areas like Kharadi, Hinjewadi, Nagar Road, Vimannagar, Kalyaninagar, Hadapsar, Aundh, Baner, Bavdhan and Pimpri Chinchwad are attracting a lot of real estate developers. Pune is also home to a budding automobile industry where Volkswagen, Diamler-Benz and Mahindra & Mahindra have set up manufacturing units. Several new national and international hotels, shopping malls, entertainment centres and hospitals have come up in the city. All this has created a substantial demand for residential apartments, especially in Kharadi and Wagholi in East Pune, and Pimple Nilakh, Pimple Saudagar and Wakad in West Pune. East Pune accounted for the largest share—31 per cent of the new launches in the second half of 2014, while South Pune had attained the same position in the first half. North Pune witnessed growth in demand on the back of affordable prices and good connectivity to the manufacturing hub of Chakan. Locations like Sanaswadi, Lonikhand, Talegaon Dhamdhere, Shikrapur on Nagar Road and Shirwal towards Satara are thriving industrial hubs and these areas are now seeing affordable housing development by players like Maple, Pratham Developers, Star City and CFP. Hinjewadi and parts of Aundh and Baner have been the prime contributors to Pune’s commercial real estate market.
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