Property Market In Pune, The Tech City
Pune has successfully emerged as the most preferred centre for multinational companies due to its strategic location. This city, located on outskirts of the state of Maharashtra is witnessing a boom in its real estate sector. In spite of the global slowdown, the demand for residential and commercial property in Pune has been growing. This ‘tech city’ was never really put forward for its realty market until recently and has today, become one of the hottest property destinations.
Some of the important reasons that contributed to rise of real estate in Pune could be low rate of interests offered by banks, its proximity to Mumbai, immense potential for growth, excellent infrastructure, good climatic conditions and many others. This ‘cultural capital of Maharashtra’ has a well know name as an education hub since it houses large number of esteemed colleges and educational institutions. Students from all over the country throng the city, raising the demand for all kinds of residential properties like apartments, houses, flats, etc.
It is primarily the flourishing of IT industry that drives the demand of real estate in a city and the same applies to development of Pune. Along with various commercial establishments being set in the city like commercial complexes, offices, world class infrastructure, etc., there is a need for creating more living spaces. The professionals employed in these IT and BPO industries also have to be accommodated in the city which needs building up of various types of residential properties, thereby, fuelling the demand for housing.
The real estate industry of Pune has not been affected much even during recession and even the prices were found to be quite stable. There was a very minimal drop in prices back then and with market already picking up, they are all set to rise. The demand for property in both residential and commercial sector has been increasing so much so that it has exceeded the supply. Pune property market is one the most active markets of Western India and one of the fastest growing too. More and more investments are being poured in by the leading property developers, local realty players and multinational companies setting their foot in the city.
Various affordable housing projects are also planned along the borders of the city. The focus on these bordering areas has risen due to high capital and rental values and real estate developers are obviously grabbing the opportunity with open arms. The demand for medium budget housing is also continuously seeing an upward trend in Pune. According to the estimates, Pune is required to construct more than 50, 000 residential setups every year in order to meet the housing needs of the inhabitants. Maharashtrian Government has given the nod for various real estate projects like integrated townships by private players under the model of Public Private Participation (PPP).
Some of the projects include ‘Amanora Park Town’ by City Group; Greensville Sky Villas and Emerald City in Kharadi, Regent Park in Baner by Gera; Bloomfield in Ambegaon by Amit Enterprises; Princetown in Undri by Kumar Properties; Picasso in Hadapsar by Kumar Properties and others.
Popularly known as ‘Oxford of the East’, Pune is now the centre of development with a slew of both IT and residential projects coming in. It has now become a competitor to India’s ‘Silicon valley’, Bangalore in regard to the IT investments. Pune was once famous as ‘Pensioner’s Paradise’, a sleepy suburb with a cover of greenery, the salubrious climate and the pollution free surroundings. But, it has now forsaken the identity of being a laid-back city and started in full gear to come close to IT destinations like Bangalore and Hyderabad.
The ‘Queen of Deccan’, Pune is clealy an upcoming cosmopolitan city.

