Real Estate Development in Pune
Situated on the Deccan plateau, the cultural capital of Maharashtra, Pune, has come a long way since being known as a small and quiet town. In spite of the growing industrial presence between 1950 and 1960, the city was labeled a pensioner's paradise for a significant period of time and it wasn't until the turn of the century that interest in Pune's real estate market started emerging. Its close proximity to India's financial capital Mumbai, and easy accessibility via the construction of the Mumbai-Pune Expressway enabled a holistic growth in terms of business, job opportunities and real estate. The establishment of the Rajiv Gandhi Info-tech Park in Hinjewadi marked the beginning of a city that would soon become a thriving, 21st century international destination for housing, trade, commerce and education.
As one of the fastest growing cities in the Asia-Pacific region, Pune has undergone a multi-faceted and rounded development. The saturation and hyperinflation in Tier I cities led to the growth spurt in Tier II cities such as Pune. This influx in investment was supported by several sophisticated IT Parks and Special Economic Zones (SEZs) in areas such as Hinjewadi, Baner and Kharadi that were once the suburbs of Pune City. Moreover, business growth was supported by the construction of roads, hotels, and residential infrastructure. Notable turning points were the establishment of the International Convention Center (ICC) on Senapati Bapat road and the subsequent launch of The Marriott Hotel and Convention Center (later upgraded to JW Marriott). These properties not only bridged the gap between Pune and the global market by providing a platform for international business alliances, but also prompted the growth of starred hospitality in the city.
Ever since the initial investment that triggered the development of Pune, there has been no looking back. The city is constantly developing, and has not faltered in keeping up with modern times. Pune is home to India's very first SEZ - EON Free Zone and the World Trade Center Pune (WTC Pune), India's fourth and Pune’s only World Trade Center, essentially revolutionizing the way in which business is done in the country. The ultra-modern, mixed-use development Business Bay too, is an exemplar of futuristic thinking. Spread across 14 acres, this mammoth development hosts luxury retail, and two towers of contemporary workspaces, in addition to The Ritz-Carlton under- construction.
Often referred to as the Oxford of the East, Pune is also known for its many educational institutes. Over the years, there has been a significant rise in the number of schools that offer internationally accredited programmes- generally more appealing to expat families looking to settle down in the city. These changes in the city were supported by the shift in the demand for housing. With a drastic difference in the demographics of the city, its people were no longer looking for merely affordable houses. Hence, Pune's residential real estate market metamorphosed from affordable housing to more luxury living. Owning larger homes with modern facilities and several amenities, became a reality in the city.
Pune's infrastructure also allows for interactions and business associations with notable, international designers and architects. The city now boasts super-luxury housing at projects such as the Trump Towers Pune, yoopune and yoovillas.
Over the years, this flourishing city has seen a drastic transformation. Today, it is the 7th largest metropolis in India and is recognized as a major manufacturing, automotive, financial and IT hub. Furthermore, being second on the list of the first 20 Smart Cities in the country, Pune is sure to see another sea of changes in the upcoming years.
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