Tuesday, 20 May 2014

Pune is predicted to be next boom town

Pune City At Night

Cities keep changing their appearance and image from primitive to modern and finally, ultra-modern. In the case of Pune, till some time ago, it was known as the hotspot of engineering activities with giants like Bajaj, Tata, Bharat Bijlee and Bharat forge having their headquarters here. The engineering headquarters gradually started getting replaced with the IT sector, R & D wings and ITeS divisions. This led to a boom in the real estate sector of Pune. Currently there is a surge observed in all three segments like retail, residential and commercial. Over the past three to four years, the real estate market related to residential complexes has witnessed a huge hike.
Pune City

Prices of plots as well as flats have doubled in this original city of ancient palaces and wadas. The IT sector is slowly spreading its wings to the city’s prime locations. The western side as well as the eastern side on the Mumbai-Pune road are fast turning into IT hubs. This development is felt clearly, in places like Hadapsar, Kalyani Nagar, Shivaji nagar and Law College road. Other places where development is taking place are Model colony and Senapati Bapat road. Malls are mushrooming in every corner of the city and there are around twenty to twenty five more malls currently in planning stage while fourteen others are in different stages of execution. The huge space in the central business districts of Bund garden and Dhole patil road, offers a lot of potential to developers and development programs. It is estimated that around twenty million sq.ft. space will be developed for offices and commercial purposes.

Big national developers are also showing interest in entering the regions of Hinjewadi, Yeravada and Lohegaon airport. Inauguration of the Lohegaon airport has brought in a lot of development with a multi-fold increase in the cost of land. All these developments are surely going to make Pune, one of the biggest business and commercial hubs in the near future. The rapid development of the city is bound to open up newer options for businessmen and professionals who keep on frequenting the city for various reasons. 

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