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.
