By Accommodation Times News Services
Pune is a special city, it is a seat of learning, a hub of business and industry, it has been endowed with rich culture and heritage and a fine climate, most of the year. Not surprisingly, its population has grown exponentially over the years, creating on its way, some major challenges for its future. Pune is also a very vibrant real estate market, matched by some of the finest real estate developers in the country.
Pune is rapidly developing as a IT/ITeS city and automobile ancillary, both the industry is expanding its growth in the city significantly, resulting in the growth and development of real estate and infrastructure sector. IT and automobile sector is supporting the city for its development in to a metropolitan city. The State Government of Maharashtra is implementing measures to promote Pune as an IT/ITES destination; and promoting the Rajiv Gandhi IT Park as an IT/ITeS knowledge centre by acquiring large tracks of land and inviting large Indian MNCs such as Wipro, Infosys, and TCS, in the early 2000s set the tone for the city. Pune has many major IT parks like Magarpatta Cyber City, EON Free Zone, Commerce zone, Embassy Tech Park, Marisoft IT Park (Kalyaninagar),Panchshil Tech Park and MIDC Software Technology Park (Talawade).
Recently, S hri Devendra Fadnavis the Chief Minister of Maharashtra had said that he aims to make Pune as IT capital of the country, as the city is sprawling with IT industries and IT parks. The city has more than 2,000 IT companies and over more than 2 lakh employees working with them.
This can be a major boost for the real estate market of the city, as this will attract not only attract more housing demand, but also will attract investment in residential and commercial sector.
The city is a thriving industrial centre sheltering manufacturing units of some of the most prestigious industrial houses of the world. The peripheral development has resulted in growth of the residential real estate space as well as the infrastructure and other facilities requisite for sustainable urbanisation. Pune is also ranked as a Gamma- Global City.
Influence of IT industry on Housing Demand
Housing demand in Pune is likely to improve further. The Eastern and Western Suburbs of Baner, Balewadi, VimanNagar,Kharadi and Hadsapar, located in close proximity to IT and industrial hubs, are likely to attract major transaction activity. Additionally, the proposed infrastructure development of the Pune Metro Rail, the Bus Rapid Transit System (BRTS), and upcoming SEZ developments are all expected to provide impetus to residential developments in the Northern region of Chakan, Tavet and Talegaon. Wakad, Baner, Aundh and Pashan in the Western region continued to remain priority housing destinations due to their close proximity to the industrial zone of Hinjewadi, easy accessibility to the Mumbai–Pune Expressway, and the presence of a large IT sector workforce.
Furthermore, demand remained high in the Eastern regions of Wagholi, Kharadi and Hadapsar owing to availability of developed physical and social infrastructure, established organized retail, and proximity to the city airport.