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Industrial Units in Pune Explore Real Estate Prospects


Industrial Units in Pune Explore Real Estate Prospects

Last updated: July 18 2007
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  • Industrial Units in Pune Explore Real Estate Prospects

    Pune will soon get a major face lift with re-development of its industrial townships Pimpri and Chinchwad into exclusive residential area for young professionals.

    Few years back, Pimpri-Chinchwad and the areas in vicinity constituted industrial hub of Pune. Its makeover is being helped by the development of bigger industrial location at Talegon-Chakan, further up the road towards Mumbai, where large manufacturing units have already come up or are under the development phase.

    The makeover of every place is an immediate outcome of the changing economics and market dynamics. For example, the credit of successful change in Central Mumbai goes to the textile mills.

    Industries generally narrow down on the locations which promise lower cost of production. While most industrial units remain in their present locations, they unlock the value of their land, says Lalit Kumar Jain, Chairman, Promoters and Builders Association of Poona (PBAB).

    The area of Pimpri-Chinchwad no longer enjoys the same rapport of being a blue collar township. Flats here will now be available for Rs 2500 per sq ft on par with some other known areas of Pune.

    The process of Pune makeover is apparently visible along the NH-4, between Pimpri and Chinchwad. Some companies have frontages on the highway and looking forward to the prospects of re-developing their land solely or in partnership with others.

    Others like Finolex Industries are considering selling their land. 78 acres of their land are to be sold for a whopping 300 crore while Finolex Cables, with a frontage on the NH-4. The company may put up its 12-odd acres up for sale, informs PP Chhabriaan, Chairman, Finolex Industries.

    The scenario is likely to prevail all over the country as factories have just woken to the fact that they possess hen with golden eggs under them i.e. the land. They are relocating to area which have been declared industrial and offer large fiscal benefits, says Mr. Jain.
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