Pune, India's next boom town - Indian Real Estate Forum

bikash · 12-02-07

Pune has been the hotbed of engineering activity for many years. In recent times though, IT, ITeS and a lot of R&D work has considerably upped the ante of real estate development within the city. The pace of development is unprecedented here and those who visit the city after a long time may find it unrecognisable.

There is a spurt in all three segments -- commercial, residential and retail. Over the last 2-3 years the Pune residential market has seen huge appreciation in terms of its capital values.

Land prices too have doubled in most areas over the last year-and-a-half. Development in Pune today is bipolar. The north western side on the road towards Mumbai as well as the eastern side are seeing a lot of IT-driven development.

The high-end residential development is happening at Koregaon Park, Hadapsar, Kalyani Nagar, Boat Club Road, Bund Garden Road, Shivaji Nagar and Law College Road. Places like Deccan Gymkhana, Bhandarkar Road, Model Colony, Kothrud, Senapati Bapat Road and Camp are old posh areas of the city, where generous new developments are taking place today.

According to some estimates, there are 20-25 malls being planned in Pune. There are 14 upcoming malls in the city that are in different stages of development -- under construction and in the planning stages.

Originally commercial space in the city was in the central business districts (CBD) at Camp, Bund Garden Road and Dhole Patil Road as well as off-CBD areas like Deccan Gymkhana, Senapati Bapat Road and Wakdewadi. According to an estimate there is about 20 million sq ft of office space being developed across the city.

Some of the bigger national developers are showing an interest in the city. DLF has taken some land near Hinjewadi on the western side; Unitech has been reported to be looking for land; Reliance is planning a mall close to the Armed Forces Medical College in the Turf Club area. K Raheja Corp is looking at a 1 million sq ft development at Yerawada near Lohegaon airport. This might be a mall-cum-hotel development.National developers might be here but the flavour of this market is local, says Watve. There are over 300 local builders, some of the more prominent ones being Panchshil Realty, Gera Developments, Paranjape Schemes, Kumar Builders, Kolte Patil and DS Kulkarni Developers.

With such a strong realty buzz, Pune's real estate action has only just begun.

parulthakreja · 13-02-07

Quote:

The immense business potential of Pune has already attracted several potential investors and leading property developers. The city has certainly undergone a paradigm shift in the wake of real estate developments and those who visit it after a long time may find it completely a new location.

Whether talk of commercial, residential or retail, Pune real estate is riding the growth wave. Over the past few years, the Pune residential market has seen huge appreciation as far as the capital value is concerned.

Property rates are going through the rooftop in some major locations of Pune. As per the data compiled by Cushman & Wakefield, a number of projects launched in earlier years in known residential market like Kalyani Nagar are fetching a whopping amount of Rs 4,000 – 5,000 per sq. ft. whereas they were available for no more than Rs 1,500-1,700 sq.ft. in 2003.

Land rates too have spiraled upward at an alarming rate in recent years, says Aditi Watve, senior executive, CMIS. Developments in IT and ITes sector have considerably upped the ante of real estate in the city’s north western and eastern side. Locations seeing high end residential growth include Koregaon Park, Hadapsar, Kalyani Nagar, Bund Garden Road, and Law College Road. Places like Deccan Gymkhana, Bhandarkar Road, Model Colony, Kothrud, Senapati Bapat Road and Camp.

Close to heels of residential sector is retail which is all set to carve a substantial presence in Pune. There are around 20-25 upcoming malls in Pune. Of this, 14 malls are under construction whereas remaining is in the planning stages.

Talking about commercial office space, they are to be developed in different parts of the city, such as Hinjewadi on the western side and Kharadi. Apart from these locations, Hadapsar on the eastern side is reserved for mostly the IT sector.

Most Indian realty biggies are showing interest in this cultural city of Maharashtra. Real estate giant DLF group has acquired some land near Hinjewadi on the western side. Following in the footsteps are Unitech looking for land; Reliance to come up with a mall close to the Armed Forces Medical College in the Turf Club area. No far behind is K. Raheja Corp eyeing at 1 million sq ft development at Yerawada near Lohegaon airport.

Pune has drawn up plans to accommodate more hotels thereby making a mark inhospitality sector as well, which is undoubtedly a crucial part of overall development process. At present, there are only three decent hotels in Pune including Sun & Sand, Blue Diamond and Le Meridien.

hmmmmmmmm.........So, Pune is back into action.

12-02-07	#1
bikash New Member Join Date: Jan 2007 Posts: 25 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	Pune, India's next boom town Pune has been the hotbed of engineering activity for many years. In recent times though, IT, ITeS and a lot of R&D work has considerably upped the ante of real estate development within the city. The pace of development is unprecedented here and those who visit the city after a long time may find it unrecognisable. There is a spurt in all three segments -- commercial, residential and retail. Over the last 2-3 years the Pune residential market has seen huge appreciation in terms of its capital values. Land prices too have doubled in most areas over the last year-and-a-half. Development in Pune today is bipolar. The north western side on the road towards Mumbai as well as the eastern side are seeing a lot of IT-driven development. The high-end residential development is happening at Koregaon Park, Hadapsar, Kalyani Nagar, Boat Club Road, Bund Garden Road, Shivaji Nagar and Law College Road. Places like Deccan Gymkhana, Bhandarkar Road, Model Colony, Kothrud, Senapati Bapat Road and Camp are old posh areas of the city, where generous new developments are taking place today. According to some estimates, there are 20-25 malls being planned in Pune. There are 14 upcoming malls in the city that are in different stages of development -- under construction and in the planning stages. Originally commercial space in the city was in the central business districts (CBD) at Camp, Bund Garden Road and Dhole Patil Road as well as off-CBD areas like Deccan Gymkhana, Senapati Bapat Road and Wakdewadi. According to an estimate there is about 20 million sq ft of office space being developed across the city. Some of the bigger national developers are showing an interest in the city. DLF has taken some land near Hinjewadi on the western side; Unitech has been reported to be looking for land; Reliance is planning a mall close to the Armed Forces Medical College in the Turf Club area. K Raheja Corp is looking at a 1 million sq ft development at Yerawada near Lohegaon airport. This might be a mall-cum-hotel development.National developers might be here but the flavour of this market is local, says Watve. There are over 300 local builders, some of the more prominent ones being Panchshil Realty, Gera Developments, Paranjape Schemes, Kumar Builders, Kolte Patil and DS Kulkarni Developers. With such a strong realty buzz, Pune's real estate action has only just begun.

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