Couple of years back, Pune was just another city in proximity to the fast moving city of Mumbai. The real estate demand of this city increased due to the virtue of rural demand and proximity to the financial capital, Mumbai, initially. However, with the ongoing economic development, Pune is no longer considered to be a small city. It has become the powerhouse of economy in all aspects. The city offers an ideal blend of service sectors and manufacturing companies. It has unmatched job generation rates which is quite difficult to match with other cities.
Today Pune shines with big and large-scale corporate houses without bothering to connect with Mumbai. This city enjoys a lot of youthful element that cannot be missed. Pune has become a most anticipated place for retirement as well. The emergence of Pune from the shades of high-end neighborhood occurred due to significant development of automobile, manufacturing and IT and ITeS industries. In Pune, office spaces of Grade A have been leased in around 4.7 million sq. ft. in the year 2013. As a general rule, one job is generated in every 100 sq. ft. on average. In 2013, Pune had generated over 47000 jobs. When it comes to see the overall job growth rate in the past 5 years, the current year is witnessing double growth in Pune. The growth of hotels also has been magnificently high. This certainly vouches for the fact of high industrialization of the city and more importantly the growth of multiple multi-national companies in this area.
With around 17.40% of total Indian market share, commercial office space has been witnessing huge demand for leasing. Pune had seen healthy and leading trend of leasing commercial office spaces. Along with service industry, a huge share of manufacturing has been witnessed.
A huge demand for residential units from Rs. 50 Lakh to Rs. 1.5 Cr has been seen in Pune. The reason behind it is corporates willing to stay in this location majorly due to their work locations. As the MNC’s spread their wings and expand in this area, a lot of skilled work force is settling in this location with long term plans. Apart from this, this area also has seen a lot of demand from from retired personnels.
Few residential areas which are boming with demand:
- Koregaon Park: This is one of the most elite and prestigious address in Pune. It has developed from a residential area to a commercial market housing the famous Geman Bakery, Hard Rock Café, etc.
- Kalyani Nagar: Another area which has grown with the growth of professionals shifting base to Pune. This area also has some of the best IT Parks with eminent IT company’s offices.
- Boat Club Road: This is one of the best residential areas with schools, hospitals, railway station and airport all in proximity. Shopping malls are also situated in vicinity.
As you would have understood from the above information, most of the demand has risen due to professionals moving base. You may expect a professional in Delhi asking you for a property in Pune. Kolabro allows you to offer deals for Pune even if you do not deal for the given location. Download Kolabro and offer deals to each and every customer who steps in your office.