NRI Real Estate and Property Investment in India
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Pune
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The City
Pune as a city has been growing from strength to strength. It has the perfect mix of balanced weather conditions and improving infrastructure. It was established as an academic city of India and traditionally known as the 'Oxford of the East'. It is the cultural heart of Maharashtra. It has four universities, 20 engineering colleges, 200 other colleges, and over half a million students. Once a quiet city, it is now the setting an example for fast growth and excellence in infrastructure and housing and IT. It is a haven for job seekers. It is expanding from all sides.

The City has stretched its limits from its Western end at Hinjewadi where the IT Park is situated and its South East end. Pune holds its sway over both the young and the old. Businessmen and the affluent are keen to acquire second homes in Pune.

Pune hugely leverages on its proximity to Mumbai, India's financial and commercial capital. The expressway makes for a lovely three-hour drive from Mumbai to Pune. Pune real estate scenario presents a healthy breather from the prohibitively high property prices in Mumbai. Lonavala on the Mumbai Pune Expressway is also a potential location next to Pune. It is emerging as a preferred choice for second homes for many Mumbaites and NRIs.

Infrastructure and Facilities
Currently Pune is the 7th ranking industrial metro of India. It is fast scaling up on the infrastructure front. In fact, Kothrud, a colony in Pune has achieved a place in the Guinness book of world records for having the fastest urban growth rate. Earlier on, Pune was an automobile hub which attracted major investments from both domestic and international firms. It is working towards consolidating its position as the 'Detroit of India.'

The city is becoming more vibrant and necessitating a spruced up infrastructure. Roads are being concretized, a metro is being planned, and also a new airport. Pune has direct flights to Dubai and Singapore. There are plenty of recreation areas, strong presence of local as well as foreign banks and shopping areas in the current and upcoming developments.

Pune's glorious list of institutes includes Fergusson College, Symbiosis institutes, AFMC (Armed Forces Medical College), Pune Institute of Engg & Technology, SNDT Women's University and one of the 12 United World Colleges.

Ruby Hall Clinic and Jehangir Hospital are prominent hospitals with well equipped staff consultants, panel doctors and paramedical staff. Ruby Hall Clinic has state of the art facilities in cardiology, cardiac surgery, neurology complete with a nuclear science center, diagnostic center, intensive care units, a blood bank and cancer unit.

Magarpatta City, a self sufficient township has also attracted interest from the IT companies due to the IT Park being developed within the township. The government promoted Rajiv Gandhi Infotech Park at Hinjewadi has attracted scores of infotech majors from around the world along with top IndianIT players like TCS, Infosys and Wipro having a major presence here. Privately promoted IT Parks are also big in number. Pune attracts 20 per cent of the total industrial investment in the country and accounts for $2 billion in IT exports, one of the highest for a single city.

A 400,000 sq.ft. mall catering to residents of the Pimpri Chinchwad area, a major industrial belt as well as IT professionals in Hinjewadi is being planned. The Pune

Municipal Corporation (PMC) is moving slowly on its Integrated Road Development Project. The PMC has fixed up a ceiling of 100 meters on high-rises. A high-rise building can be constructed only on 30 meter wide roads with specific plot sizes. A building of 50-70 meter height would require a minimum plot size of 6,000 square meters while that of 70-100 meter height would require a minimum plot size of 8,000 square meters.

The city's infrastructure is keeping good pace with the staggering real estate activity.

 

 

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