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- Pune Gears up to emerge as next boom town.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.CommentQuote0Flag
- What u said in 2007 turns out true in 2016 :D :)CommentQuote2Flag
- Wow. Whatever was said in 2007 proven so right as story has unfolded over last 9 years.
Both East and West past has seen phenomenal growth.
The old areas like Kothrud rates rose from 1500 now close to 9000 in last 9 years.
The number of outsiders coming into the city has risen exponentially in the decade.CommentQuote0Flag
- Still no basic infa in place in so many "boom" areas. Roads, water?CommentQuote0Flag
- Boom is prelude to bust,if infra-roads,water,drainage ,greenery etc is not provided.
What is the quality of life for an average Puneite??
Most of the places in Pune are messy,crowded and have unruly traffic.
Insane prices for such a mess is not called for.
No ad of a builder can conceal reality of issues in Pune(most cities).
Buy for self stay and that.s it.
No investment flats.
Investment shops is another question.CommentQuote0Flag
- Pune is definitely going to grow rapidly in future. It has mix of industry (Auto+IT) and Colleges.
However most of the new crowd in Pune is young, so their ability to buy real-estate is limited based on income. Probably max around 65L.
Prices above 65L are bubble territory as not enough buyers are in the market as compared to available inventory.CommentQuote2Flag