Once the capital of the mighty Maratha Empire and considered as the epicenter of Maratha culture and ethos, Pune has been successful in carrying forward the legacy. Presently it is among one of the fastest growing metros in India in the present scenario.
Roughly with a size of 430 KM2, it has a population of around 7.5 million making it equivalent major Asian cities such Shanghai, Tokyo and Bangkok in terms of population size. Modern day Pune involves existing metropolitan area along with Pimpri Chinchwad. The latter is located on the North Western part of the city and is touted as one of the largest industrial hubs in Asia.
Pune has witnessed significant growth and development in the recent time on the backdrop of rise in economic activities, driven by IT/ ITES. Proximity to Mumbai, the financial capital of India further boosts its growth momentum. Entitled as Oxford of the East and Detroit of India, it boasts a robust education and automobile sectors.
The growth and development in the economic sphere has translated into surge in activities in the real estate sector. Once known as the pensioners paradise due to its calm and tranquil atmosphere, Pune is presently touted as one of the fastest growing property markets in India. In 2014, according to the Square Yards Global intelligence Centre (GIC), the city has witnessed an annual growth of roughly 6.7% in terms of the volume of real estate transactions.
The growth in the real estate industry has also stimulated government to work on a range of high scale infrastructure development activities in the city in the form of Outer Ring Road (ORR), metro, new international airport and Pune International Exhibition and Convention Centre (PIECC) etc., along with multiple roads and flyovers aimed at decongestion of the city.
Pune Real Estate Market
The growth in Punes realty market is primarily driven by rise in IT/ITES sector, which accounts for around 80% of the office space absorption, as revealed by Square Yards GIC. The demand dynamics of Punes realty market is closely interlinked with the growth pattern of the IT/ ITES industry, as the rise of new IT parks stimulates demand of residential units in vicinity.
Most of the upcoming locations such as Hinjewadi, Wagholi and Kharadi have evolved on the backdrop of a rise in IT/ITES industry in the recent past.
Other growth catalysts involve other upcoming industries such as automobile along with a thriving education and retail sector. Punes realty market also draws its strength from the fact that it is relatively economical, when compared to other markets such as Mumbai and NCR.
Punes present real estate market could be roughly divided into six micro-markets namely East, West, North, South Central and Pimpri Chinchwad.
